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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>0001144204-07-013112.txt : 20070316
<SEC-HEADER>0001144204-07-013112.hdr.sgml : 20070316
<ACCEPTANCE-DATETIME>20070316142107
ACCESSION NUMBER:		0001144204-07-013112
CONFORMED SUBMISSION TYPE:	10-K/A
PUBLIC DOCUMENT COUNT:		10
CONFORMED PERIOD OF REPORT:	20061231
FILED AS OF DATE:		20070316
DATE AS OF CHANGE:		20070316

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AMERICAN REAL ESTATE PARTNERS L P
		CENTRAL INDEX KEY:			0000813762
		STANDARD INDUSTRIAL CLASSIFICATION:	OPERATORS OF NONRESIDENTIAL BUILDINGS [6512]
		IRS NUMBER:				133398766
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		10-K/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-09516
		FILM NUMBER:		07699455

	BUSINESS ADDRESS:	
		STREET 1:		767 FIFTH AVENUE
		STREET 2:		SUITE 4700
		CITY:			NEW YORK,
		STATE:			NY
		ZIP:			10153
		BUSINESS PHONE:		(212) 702-4300

	MAIL ADDRESS:	
		STREET 1:		767 FIFTH AVENUE
		STREET 2:		SUITE 4700
		CITY:			NEW YORK,
		STATE:			NY
		ZIP:			10153
</SEC-HEADER>
<DOCUMENT>
<TYPE>10-K/A
<SEQUENCE>1
<FILENAME>v068275_10k-a.htm
<TEXT>
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      Unassociated Document
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    <div>&#160;</div>
    <div>
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        STATES SECURITIES AND EXCHANGE COMMISSION</strong></font></div>
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        D.C. 20549</strong></font></div>
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        10-K/A</strong></font></div>
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                <td valign="top" width="10%">
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">
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                      One)</font></div>
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              <tr>
                <td valign="top" width="10%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Wingdings">&#253;</font></div>
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                <td valign="top" width="90%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">ANNUAL
                    REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
                    ACT OF
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              </tr>

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        </div>
        <div>&#160;</div>
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        the fiscal year ended December&#160;31, 2006</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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        <div align="left">
          <table cellpadding="0" cellspacing="0" width="100%">

              <tr>
                <td valign="top" width="10%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Wingdings">&#168;</font></div>
                </td>
                <td valign="top" width="90%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">TRANSITION
                    REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
                    ACT OF
                    1934</font></div>
                </td>
              </tr>

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        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">For
        the
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        file number </strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>1-9516</strong></font></div>
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        REAL ESTATE PARTNERS, L.P.</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">
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          name of registrant as specified in its charter)</strong></font></div>
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                    or Organization)</font></div>
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                      Employer </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Identification
                      No.)</font></div>
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        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>767
          Fifth Avenue, Suite 4700</strong></font></div>
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          York, New York 10153</strong></font></div>
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          telephone number, including area code)</font></div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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                    of Each Class</strong></font></div>
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                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Name
                    of Each Exchange on Which Registered</strong></font></div>
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            <tr>
              <td valign="top" width="49%">
                <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Depositary
                  Units Representing Limited Partner Interests</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">5%
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                  Limited Partner Interests</font></div>
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              <td valign="top" width="2%">&#160;</td>
              <td valign="bottom" width="49%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">New
                  York Stock Exchange</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">New
                  York Stock Exchange</font></div>
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            </tr>

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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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        registered pursuant to Section 12(g) of the Act:</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">None</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Indicate
        by check mark if the registrant is a well-known seasoned issuer, as defined
        in
        Rule 405 of the Securities Act. Yes&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Wingdings">&#168;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;&#160;No&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Wingdings">&#253;</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Indicate
        by check mark if the registrant is not required to file reports pursuant
        to
        Section 13 or Section 15(d) of the Exchange Act from their obligations under
        those Securities. Yes&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Wingdings">&#168;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;&#160;No&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Wingdings">&#253;</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Note
        -
        Checking the box above will not relieve any registrant required to file reports
        pursuant to Section 13 or 15(d) of the Exchange Act from their obligations
        under
        those Sections.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Indicate
        by check mark whether the registrant (1) has filed all reports required to
        be
        filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
        the
        preceding 12 months (or for such shorter period that the registrant was required
        to file such reports), and (2) has been subject to such filing requirements
        for
        the past 90 days. Yes&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Wingdings">&#253;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;&#160;No&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Wingdings">&#168;</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Indicate
        by check mark if disclosure of delinquent filers pursuant to Item 405 of
        Regulation S-K is not contained herein, and will not be contained, to the
        best
        of registrant&#8217;s knowledge, in definitive proxy or information statements
        incorporated by reference in Part III of this Form 10-K or any amendment
        to this
        Form 10-K.&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Wingdings">&#253;</font></div>
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        by check mark whether the registrant is a shell company (as defined in Rule
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        aggregate market value of depositary units held by nonaffiliates of the
        registrant as of June 30, 2006, the last business day of the registrant&#8217;s most
        recently completed second fiscal quarter, based upon the closing price of
        depositary units on the New York Stock Exchange Composite Tape on such date
        was
        $253,019,078.</font></div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
        number of depositary and preferred units outstanding as of the close of business
        on March 1, 2007 was 61,856,830 and 11,340,243, respectively.</font></div>
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      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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          <div style="WIDTH: 100%; TEXT-ALIGN: center">
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>EXPLANATORY
        NOTE</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">American
        Real Estate Partners, L.P., or AREP, is filing this Amendment No. 1 to Form
        10&#8722;K
        for the fiscal year ended December 31, 2006 (&#8220;Amendment No. 1&#8221;), </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman">to
        include Exhibits 23.1, 23.2, 23.3, 23.4&#160;and 99.1&#160;within Part IV, Item
        15 of </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">our
        Annual Report on Form 10&#8722;K, filed with the Securities and Exchange Commission on
        March 6, 2007. </font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 18pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pursuant
        to Rule 3&#8722;09 of Regulation S&#8722;X, a registrant is required to file separate
        financial statements for certain significant equity method investments. We
        have
        determined that our investment in ImClone Systems Incorporated, or ImClone,
        meets certain &#8220;significance&#8221; tests pursuant to Rule 3&#8722;09 of Regulation S&#8722;X.
        Accordingly, we are filing this Amendment No. 1 to include as Exhibit 99.1
        the
        financial statements of ImClone as of December 31, 2006 and 2005 and for
        the
        years ended December 31, 2006, 2005 and 2004 and the related Report of
        Independent Registered Public Accounting Firm and as Exhibit 23.2 the consent
        of
        KPMG LLP, the independent registered public accounting firm for ImClone.
        The
        financial statements of ImClone were audited in accordance with the standards
        of
        the Public Company Accounting Oversight Board (United States).</font></div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 18pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We
        are
        also including in this Amendment No. 1 the consent of Grant Thornton LLP
        as
        Exhibit 23.1 and the consents of KPMG LLP as Exhibits 23.3 and
        23.4.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
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        as described above, no other changes have been made to our Annual Report
        on
        Form&#160;10-K for the fiscal year ended December&#160;31, 2006, as initially
        filed with the SEC on March&#160;6, 2007, and except as described above, this
        Form&#160;10-K/A does not amend, update or change the financial statements or
        any other items or disclosures in our Annual Report on Form&#160;10-K for the
        fiscal year ended December&#160;31, 2006.</font></div>
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          </div>
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          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
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          </div>
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          </div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>PART
        IV</strong></font></div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Item
        15. Exhibits, Financial Statement Schedules.</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Item
        15. Exhibits, Financial Statement Schedules.</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>(a)(1)
        Financial Statements:</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
        following financial statements of American Real Estate Partners, L.P. are
        included in Part II, Item 8:</font></div>
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                  of Independent Registered Public Accounting Firms *</font></div>
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            </tr>
            <tr>
              <td align="left" valign="bottom" width="95%">
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                  Balance Sheets &#8212; December 31, 2006 and 2005 *</font></div>
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                  Statements of Changes in Partners&#8217; Equity and Comprehensive Income (Loss)
                  &#8212; Years ended December 31, 2006, 2005 and 2004 *</font></div>
              </td>
              <td valign="bottom" width="5%">&#160;</td>
            </tr>
            <tr>
              <td align="left" valign="bottom" width="95%">
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                  Statements of Cash Flows &#8212; Years ended December 31, 2006, 2005 and 2004 *
                  </font></div>
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              <td valign="bottom" width="5%">&#160;</td>
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              <td valign="bottom" width="5%">&#160;</td>
            </tr>
            <tr>
              <td align="left" valign="bottom" width="95%">
                <div style="MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; MARGIN-RIGHT: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="5%">&#160;</td>
            </tr>
            <tr>
              <td align="left" valign="bottom" width="95%">
                <div style="DISPLAY: block; MARGIN-LEFT: 18pt; TEXT-INDENT: -18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">*
                  Previously filed on March 6, 2007</font></div>
              </td>
              <td valign="bottom" width="5%">&#160;</td>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>(a)(2)
        Financial Statement Schedules:</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">All
        other
        financial statement schedules have been omitted because the required financial
        information is not applicable or the information is shown in the financial
        statements or notes thereto.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>(a)(3)
        Exhibits:</strong></font></div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
        list
        of exhibits required by Item 601 of Regulation S-K and filed as part of this
        report is set forth in the Exhibit Index.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">
          </div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">3</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
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          </div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pursuant
        to the requirements of Section&#160;13 or 15(d) 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.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
      <div>
        <table cellpadding="0" cellspacing="0" width="100%">

            <tr>
              <td align="left" valign="middle" width="36%">&#160;</td>
              <td align="left" valign="middle" width="3%">&#160;</td>
              <td align="left" valign="middle" width="39%">&#160;</td>
            </tr>
            <tr>
              <td align="left" valign="bottom" width="36%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td align="left" colspan="2" valign="bottom" width="42%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">American
                  Real Estate Partners, L.P.</font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="bottom" width="36%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td align="left" valign="bottom" width="3%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td align="left" valign="bottom" width="39%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="bottom" width="36%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td align="left" valign="bottom" width="3%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">By:&#160;&#160;</font></div>
              </td>
              <td align="left" valign="bottom" width="39%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">American
                  Property Investors, Inc., its</font></div>
              </td>
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            <tr>
              <td align="left" valign="bottom" width="36%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td align="left" valign="bottom" width="3%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td align="left" valign="top" width="39%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">General
                  Partner</font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="bottom" width="36%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td align="left" valign="bottom" width="3%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td align="left" valign="top" width="39%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="bottom" width="36%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td align="left" valign="bottom" width="3%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">By:&#160;&#160;</font></div>
              </td>
              <td align="left" valign="bottom" width="39%" style="border-bottom: black thin solid;">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">/s/
                  Keith A. Meister</font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="bottom" width="36%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Date:
                  March 16, 2007</font></div>
              </td>
              <td align="left" valign="bottom" width="3%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td align="left" valign="top" width="39%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Keith
                  A. Meister,</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Principal
                  Executive Officer and</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Vice
                  Chairman of the Board</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">
          </div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
        </div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><u>EXHIBIT
        INDEX</u></strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
      <div>
        <table cellpadding="0" cellspacing="0" width="100%">

            <tr>
              <td align="left" valign="top" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">3.1</font></div>
              </td>
              <td align="left" valign="top" width="2%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;&#160;&#160;&#160;&#160;</font></div>
              </td>
              <td align="left" valign="top" width="69%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Certificate
                  of Limited Partnership of American Real Estate Partners, L.P. (&#8220;AREP&#8221;)
                  dated February 17, 1987 (incorporated by reference to Exhibit No.
                  3.1 to
                  AREP&#8217;s Form 10-Q for the quarter ended March&#160;31, 2004 (SEC File No.
                  1-9516), filed on May 10, 2004).</font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="6%">&#160;</td>
              <td align="left" valign="top" width="2%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td align="left" valign="top" width="69%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">3.2</font></div>
              </td>
              <td align="left" valign="top" width="2%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td align="left" valign="top" width="69%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Amended
                  and Restated Agreement of Limited Partnership of AREP, dated May
                  12, 1987
                  (incorporated by reference to Exhibit No. 3.2 to AREP&#8217;s Form 10-Q for the
                  quarter ended March 31, 2004 (SEC File No. 1-9516), filed on May
                  10,
                  2004).</font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="6%">&#160;</td>
              <td align="left" valign="top" width="2%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td align="left" valign="top" width="69%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">3.3</font></div>
              </td>
              <td align="left" valign="top" width="2%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td align="left" valign="top" width="69%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Amendment
                  No. 4 to the Amended and Restated Agreement of Limited Partnership
                  of
                  AREP, dated June 29, 2005 (incorporated by reference to Exhibit
                  No. 3.1 to
                  AREP&#8217;s Form 10-Q for the quarter ended March 31, 2005 (SEC File No.
                  1-9516), filed on June 30, 2005).</font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="6%">&#160;</td>
              <td align="left" valign="top" width="2%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td align="left" valign="top" width="69%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">3.4</font></div>
              </td>
              <td align="left" valign="top" width="2%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td align="left" valign="top" width="69%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Amendment
                  No. 3 to the Amended and Restated Agreement of Limited Partnership
                  of
                  AREP, dated May 9, 2002 (incorporated by reference to Exhibit 3.8
                  to
                  AREP&#8217;s Form 10-K for the year ended December 31, 2002 (SEC File No.
                  1-9516), filed on March 31, 2003).</font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="6%">&#160;</td>
              <td align="left" valign="top" width="2%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td align="left" valign="top" width="69%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">3.5</font></div>
              </td>
              <td align="left" valign="top" width="2%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td align="left" valign="top" width="69%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Amendment
                  No. 2 to the Amended and Restated Agreement of Limited Partnership
                  of
                  AREP, dated August 16, 1996 (incorporated by reference to Exhibit
                  10.1 to
                  AREP&#8217;s Form 8-K (SEC File</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">No.&#160;1-9516),
                  filed on August 16, 1996).</font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="6%">&#160;</td>
              <td align="left" valign="top" width="2%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td align="left" valign="top" width="69%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">3.6</font></div>
              </td>
              <td align="left" valign="top" width="2%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td align="left" valign="top" width="69%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Amendment
                  No. 1 to the Amended and Restated Agreement of Limited Partnership
                  of
                  AREP, dated February 22, 1995 (incorporated by reference to Exhibit
                  3.3 to
                  AREP&#8217;s Form 10-K for the year ended December 31, 1994 (SEC File No.
                  1-9516), filed on March 31, 1995).</font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="6%">&#160;</td>
              <td align="left" valign="top" width="2%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td align="left" valign="top" width="69%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">3.7</font></div>
              </td>
              <td align="left" valign="top" width="2%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td align="left" valign="top" width="69%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Certificate
                  of Limited Partnership of American Real Estate Holdings Limited
                  Partnership (&#8220;AREH&#8221;), dated February &#160;17, 1987, as amended pursuant
                  to First Amendment thereto, dated March 10, 1987 (incorporated
                  by
                  reference to Exhibit 3.5 to AREP&#8217;s Form 10-Q for the quarter ended March
                  31, 2004 (SEC File No. 1-9516), filed on May 10, 2004).</font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="6%">&#160;</td>
              <td align="left" valign="top" width="2%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td align="left" valign="top" width="69%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">3.8</font></div>
              </td>
              <td align="left" valign="top" width="2%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td align="left" valign="top" width="69%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Amended
                  and Restated Agreement of Limited Partnership of AREH, dated as
                  of July 1,
                  1987 (incorporated by reference to Exhibit 3.5 to AREP&#8217;s Form 10-Q for the
                  quarter ended March 31, 2004 (SEC File No. 1-9516), filed on May
                  10,
                  2004).</font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="6%">&#160;</td>
              <td align="left" valign="top" width="2%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td align="left" valign="top" width="69%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">3.9</font></div>
              </td>
              <td align="left" valign="top" width="2%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td align="left" valign="top" width="69%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Amendment
                  No. 3 to the Amended and Restated Agreement of Limited Partnership
                  of AREH
                  dated June 29, 2005 (incorporated by reference to Exhibit No. 3.2
                  to
                  AREP&#8217;s Form 10-Q for the quarter ended March 31, 2005 (SEC File No.
                  1-9516), filed on June 30, 2005).</font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="6%">&#160;</td>
              <td align="left" valign="top" width="2%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td align="left" valign="top" width="69%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">3.10</font></div>
              </td>
              <td align="left" valign="top" width="2%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td align="left" valign="top" width="69%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Amendment
                  No. 2 to the Amended and Restated Agreement of Limited Partnership
                  of
                  AREH, dated June 14, 2002 (incorporated by reference to Exhibit
                  3.9 to
                  AREP&#8217;s Form 10-K for the year ended December 31, 2002 (SEC File No.
                  1-9516), filed on March 31, 2003).</font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="6%">&#160;</td>
              <td align="left" valign="top" width="2%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td align="left" valign="top" width="69%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">3.11</font></div>
              </td>
              <td align="left" valign="top" width="2%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td align="left" valign="top" width="69%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Amendment
                  No. 1 to the Amended and Restated Agreement of Limited Partnership
                  of
                  AREH, dated August 16, 1996 (incorporated by reference to Exhibit
                  10.2 to
                  AREP&#8217;s Form 8-K (SEC File</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">No.
                  1-9516), filed on August 16, 1996).</font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="6%">&#160;</td>
              <td align="left" valign="top" width="2%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td align="left" valign="top" width="69%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4.1</font></div>
              </td>
              <td align="left" valign="top" width="2%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td align="left" valign="top" width="69%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Depositary
                  Agreement among AREP, American Property Investors, Inc. and Registrar
                  and
                  Transfer Company, dated as of July 1, 1987 (incorporated by reference
                  to
                  Exhibit 4.1 to AREP&#8217;s Form 10-Q for the quarter ended March 31, 2004 (SEC
                  File No. 1-9516), filed on May 10, 2004).</font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="6%">&#160;</td>
              <td align="left" valign="top" width="2%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td align="left" valign="top" width="69%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4.2</font></div>
              </td>
              <td align="left" valign="top" width="2%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td align="left" valign="top" width="69%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Amendment
                  No. 1 to the Depositary Agreement dated as of February 22, 1995
                  (incorporated by reference to Exhibit 4.2 to AREP&#8217;s Form 10-K for the year
                  ended December 31, 1994 (SEC File</font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">No.
                  1-9516), filed on March 31, 1995).</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div>&#160;</div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">
          </div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">5</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
        </div>
      </div>
      <div>&#160;</div>
      <div>
        <table cellpadding="0" cellspacing="0" width="100%">

            <tr>
              <td align="left" valign="top" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4.3</font></div>
              </td>
              <td align="left" valign="top" width="2%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td align="left" valign="top" width="69%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Form
                  of Transfer Application (incorporated by reference to Exhibit 4.4
                  to
                  AREP&#8217;s Form 10-K for the year ended December 31, 2004 (SEC File No.
                  1-9516), filed on March 16, 2005).</font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="6%">&#160;</td>
              <td align="left" valign="top" width="2%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td align="left" valign="top" width="69%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4.4</font></div>
              </td>
              <td align="left" valign="top" width="2%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td align="left" valign="top" width="69%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Specimen
                  Depositary Receipt (incorporated by reference to Exhibit 4.3 to
                  AREP&#8217;s
                  Form 10-K for the year ended December 31, 2004 (SEC File No. 1-9516),
                  filed on March 16, 2005).</font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="6%">&#160;</td>
              <td align="left" valign="top" width="2%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td align="left" valign="top" width="69%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4.5</font></div>
              </td>
              <td align="left" valign="top" width="2%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td align="left" valign="top" width="69%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Specimen
                  Certificate representing preferred units (incorporated by reference
                  to
                  Exhibit No. 4.9 to AREP&#8217;s Form S-3 (SEC File No. 33-54767), filed on
                  February 22, 1995).</font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="6%">&#160;</td>
              <td align="left" valign="top" width="2%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td align="left" valign="top" width="69%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4.6</font></div>
              </td>
              <td align="left" valign="top" width="2%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td align="left" valign="top" width="69%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Registration
                  Rights Agreement between AREP and X LP (now known as High Coast
                  Limited
                  Partnership) (incorporated by reference to Exhibit 10.2 to AREP&#8217;s Form
                  10-K for the year ended December 31, 2004 (SEC File No. 1-9516),
                  filed on
                  March 16, 2005).</font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="6%">&#160;</td>
              <td align="left" valign="top" width="2%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td align="left" valign="top" width="69%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4.7</font></div>
              </td>
              <td align="left" valign="top" width="2%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td align="left" valign="top" width="69%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Registration
                  Rights Agreement, dated June 30, 2005 between AREP and Highcrest
                  Investors
                  Corp., Amos Corp., Cyprus, LLC and Gascon Partners (incorporated
                  by
                  reference to Exhibit 10.6 to AREP&#8217;s Form 10-Q (SEC File No. 1-9516), filed
                  on August 9, 2005).</font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="6%">&#160;</td>
              <td align="left" valign="top" width="2%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td align="left" valign="top" width="69%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.1</font></div>
              </td>
              <td align="left" valign="top" width="2%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td align="left" valign="top" width="69%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Indenture,
                  dated as of January 29, 2004, among American Casino &amp; Entertainment
                  Properties LLC (&#8220;ACEP&#8221;), American Casino &amp; Entertainment Properties
                  Finance Corp., (&#8220;ACEP Finance&#8221;), the guarantors from time to time party
                  thereto and Wilmington Trust Company, as Trustee (the &#8220;Trustee&#8221;),
                  (incorporated by reference to Exhibit 4.1 to ACEP&#8217;s Form S-4 (SEC File No.
                  333-118149), filed on August 12, 2004).</font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="6%">&#160;</td>
              <td align="left" valign="top" width="2%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td align="left" valign="top" width="69%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.2</font></div>
              </td>
              <td align="left" valign="top" width="2%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td align="left" valign="top" width="69%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Form
                  of ACEP and ACEP Finance 7.85% Note (incorporated by reference
                  to Exhibit
                  4.10 to AREP&#8217;s Form 10-Q for the quarter ended June 30, 2004 (SEC File No.
                  1-9516), filed on August 9, 2004).</font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="6%">&#160;</td>
              <td align="left" valign="top" width="2%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td align="left" valign="top" width="69%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.3</font></div>
              </td>
              <td align="left" valign="top" width="2%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td align="left" valign="top" width="69%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Amended
                  and Restated Agency Agreement (incorporated by reference to Exhibit
                  10.12
                  to AREP&#8217;s Form 10-K for the year ended December 31, 1994 (SEC File No.
                  1-9516), filed on March 31, 1995).</font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="6%">&#160;</td>
              <td align="left" valign="top" width="2%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td align="left" valign="top" width="69%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.4</font></div>
              </td>
              <td align="left" valign="top" width="2%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td align="left" valign="top" width="69%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Service
                  Mark License Agreement, by and between Becker Gaming, Inc. and
                  Arizona
                  Charlie&#8217;s, Inc., dated as of August 1, 2000 (incorporated by reference
                  to
                  ACEP&#8217;s Form 10-K (SEC File No. 333-118149), filed on March 16,
                  2005).</font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="6%">&#160;</td>
              <td align="left" valign="top" width="2%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td align="left" valign="top" width="69%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.5</font></div>
              </td>
              <td align="left" valign="top" width="2%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td align="left" valign="top" width="69%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Purchase
                  Agreement, dated January 21, 2005, by and among AREP, as Purchaser,
                  and
                  Cyprus, LLC as Seller (incorporated by reference to Exhibit 99.4
                  to AREP&#8217;s
                  Form 8-K (SEC File No. 1-9516) filed on January 27,
                  2005).</font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="6%">&#160;</td>
              <td align="left" valign="top" width="2%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td align="left" valign="top" width="69%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.6</font></div>
              </td>
              <td align="left" valign="top" width="2%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td align="left" valign="top" width="69%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Amendment
                  No. 1, dated as of May 23, 2005, to the Purchase Agreement, dated
                  January
                  21, 2005, by and among AREP, as Purchaser, and Cyprus, LLC as seller
                  (incorporated by reference to Exhibit 99.1 to Form 8-K (SEC File
                  No.
                  1-9516) filed on May 27, 2005).</font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="6%">&#160;</td>
              <td align="left" valign="top" width="2%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td align="left" valign="top" width="69%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.7</font></div>
              </td>
              <td align="left" valign="top" width="2%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td align="left" valign="top" width="69%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Indenture,
                  dated as of February 7, 2005, among AREP, AREP Finance and AREH,
                  as
                  Guarantor, and Wilmington Trust Company, as Trustee (incorporated
                  by
                  reference to Exhibit 4.9 to AREP&#8217;s Form 8-K (SEC File No. 1-9516), filed
                  on February 10, 2005).</font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="6%">&#160;</td>
              <td align="left" valign="top" width="2%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td align="left" valign="top" width="69%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.8</font></div>
              </td>
              <td align="left" valign="top" width="2%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td align="left" valign="top" width="69%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Form
                  of AREP and AREP Finance 7 1/8% Senior Note due 2013 (incorporated
                  by
                  reference to Exhibit 4.10 to AREP&#8217;s Form 8-K (SEC File No. 1-9516), filed
                  on February 10, 2005).</font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="6%">&#160;</td>
              <td align="left" valign="top" width="2%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td align="left" valign="top" width="69%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.9</font></div>
              </td>
              <td align="left" valign="top" width="2%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td align="left" valign="top" width="69%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Indenture,
                  dated as of May 12, 2004, among AREP, AREP Finance, AREH, as guarantor
                  and
                  Wilmington Trust Company, as Trustee (incorporated by reference
                  to Exhibit
                  4.1 to AREP&#8217;s Form S-4 (SEC File No. 333-118021), filed on August 6,
                  2004).</font></div>
              </td>
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        </table>
      </div>
      <div>&#160;</div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">
          </div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">6</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
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          </div>
        </div>
        <div id="HDR">
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          </div>
        </div>
      </div>
      <div>&#160;</div>
      <div>
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            <tr>
              <td align="left" valign="top" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.10</font></div>
              </td>
              <td align="left" valign="top" width="2%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td align="left" valign="top" width="69%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Form
                  of 8 1/8% Senior Note due 2012 (incorporated by reference to Exhibit
                  4.1
                  to AREP&#8217;s Form S-4 (SEC File No. 333-118021), filed on August 6,
                  2004).</font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="6%">&#160;</td>
              <td align="left" valign="top" width="2%">&#160;</td>
              <td align="left" valign="top" width="69%">&#160;</td>
            </tr>
            <tr>
              <td align="left" valign="top" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.11</font></div>
              </td>
              <td align="left" valign="top" width="2%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td align="left" valign="top" width="69%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Credit
                  Agreement, dated as of December 20, 2005, with Citicorp USA, Inc.,
                  as
                  Administrative Agent, Bear Stearns Corporate Lending Inc., as Syndication
                  Agent, and other lender parties thereto. (incorporated by reference
                  to
                  Exhibit 10.1 to AREP&#8217;s Form 8-K (SEC File No. 1-9516), filed on December
                  22, 2005).</font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="6%">&#160;</td>
              <td align="left" valign="top" width="2%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td align="left" valign="top" width="69%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.12</font></div>
              </td>
              <td align="left" valign="top" width="2%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td align="left" valign="top" width="69%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Security
                  Agreement, dated as of December 20, 2005, from the Guarantors referred
                  to
                  therein to Citicorp USA, Inc., as Administrative Agent. (incorporated
                  by
                  reference to Exhibit 10.2 to AREP&#8217;s Form 8-K (SEC File No. 1-9516), filed
                  on December 22, 2005).</font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="6%">&#160;</td>
              <td align="left" valign="top" width="2%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td align="left" valign="top" width="69%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.13</font></div>
              </td>
              <td align="left" valign="top" width="2%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td align="left" valign="top" width="69%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Guaranty,
                  dated as of December 20, 2005, from the guarantors named therein
                  and the
                  Additional Guarantors referred to therein in favor of the Guaranteed
                  Parties referred to therein. (incorporated by reference to Exhibit
                  10.3 to
                  AREP&#8217;s Form 8-K (SEC File No. 1-9516), filed on December 22,
                  2005).</font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="6%">&#160;</td>
              <td align="left" valign="top" width="2%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td align="left" valign="top" width="69%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.14</font></div>
              </td>
              <td align="left" valign="top" width="2%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td align="left" valign="top" width="69%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Amended
                  and Restated Credit Agreement, dated as of December 20, 2005, among
                  NEG
                  Operating LLC, as the Borrower, AREP Oil &amp; Gas LLC (now known as NEG
                  Oil &amp; Gas), as the Lender, AREP Oil &amp; Gas LLC, as Administrative
                  Agent for the Lender, and Citicorp USA, Inc., as Collateral Agent
                  for the
                  Lender and the Hedging Counterparties. (incorporated by reference
                  to
                  Exhibit 10.4 to AREP&#8217;s Form 8-K (SEC File No. 1-9516), filed on December
                  22, 2005).</font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="6%">&#160;</td>
              <td align="left" valign="top" width="2%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td align="left" valign="top" width="69%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.15</font></div>
              </td>
              <td align="left" valign="top" width="2%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td align="left" valign="top" width="69%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Equity
                  Commitment Agreement, dated June 23, 2005, by and among WS Textile
                  Co.,
                  Inc., Textile Holding Real Estate Holdings Limited Partnership
                  and Aretex
                  LLC (incorporated by reference to Exhibit 10.2 to AREP&#8217;s Form 8-K (SEC
                  File No. 1-9516), filed on July 1, 2005).</font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="6%">&#160;</td>
              <td align="left" valign="top" width="2%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td align="left" valign="top" width="69%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.16</font></div>
              </td>
              <td align="left" valign="top" width="2%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td align="left" valign="top" width="69%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Rights
                  Offering Sponsor Agreement, dated June 23, 2005, by and between
                  WS Textile
                  Co., Inc. and AREH (incorporated by reference to Exhibit 10.3 to
                  AREP&#8217;s
                  Form 8-K (SEC File No. 1-9516), filed on July 1, 2005).</font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="6%">&#160;</td>
              <td align="left" valign="top" width="2%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td align="left" valign="top" width="69%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.17</font></div>
              </td>
              <td align="left" valign="top" width="2%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td align="left" valign="top" width="69%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Option
                  Grant Agreement, dated June 29, 2005, between AREP and Keith A.
                  Meister
                  (incorporated by reference to Exhibit 10.1 to AREP&#8217;s Form 8-K (SEC File
                  No. 1-9516), filed on July 6, 2005).</font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="6%">&#160;</td>
              <td align="left" valign="top" width="2%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td align="left" valign="top" width="69%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.18</font></div>
              </td>
              <td align="left" valign="top" width="2%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td align="left" valign="top" width="69%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Agreement
                  and Plan of Merger dated December 7, 2005, by and among American
                  Real
                  Estate Partners Oil &amp; Gas LLC, National Energy Group, Inc., NEG IPOCO,
                  Inc. (now known as NEG, Inc.), a corporation wholly owned by AREH
                  (as
                  thereafter defined), and, solely for purposes of Sections 3.2,
                  3.3 and
                  4.16 of the Agreement, AREH (incorporated by reference to Exhibit
                  10.1 to
                  AREP&#8217;s Form 8-K (SEC File No. 001-09516), filed on December 7,
                  2005).</font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="6%">&#160;</td>
              <td align="left" valign="top" width="2%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td align="left" valign="top" width="69%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.19</font></div>
              </td>
              <td align="left" valign="top" width="2%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td align="left" valign="top" width="69%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Undertaking,
                  dated November 20, 1998, by Starfire Holding Corporation, for the
                  benefit
                  of AREP and its subsidiaries (incorporated by reference to Exhibit
                  10.42
                  to Form 10-K for the year ended December 31, 2005 (SEC File No.
                  1-9516),
                  filed on March 16, 2006).</font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="6%">&#160;</td>
              <td align="left" valign="top" width="2%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td align="left" valign="top" width="69%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.20</font></div>
              </td>
              <td align="left" valign="top" width="2%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td align="left" valign="top" width="69%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Amended
                  and Restated Credit Agreement, dated as of May 9, 2006, among American
                  Casino &amp; Entertainment Properties LLC, Bear Stearns Corporate Lending
                  Inc., as Administrative Agent, Wells Fargo Bank, as Syndication
                  Agent, CIT
                  Services Corporation and Comerica West Incorporated as Co- Documentation
                  Agents, and other lender parties thereto (incorporated by reference
                  to
                  Exhibit 10.1 to American Real Estate Partners, L.P.&#8217;s Form 8-K (SEC File
                  No. 1-9156), filed on May 17, 2006).</font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="6%">&#160;</td>
              <td align="left" valign="top" width="2%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td align="left" valign="top" width="69%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.21</font></div>
              </td>
              <td align="left" valign="top" width="2%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td align="left" valign="top" width="69%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pledge
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                  ACEP, ACEP
                  Finance, certain subsidiaries of ACEP and Bear Sterns Corporate
                  Lending
                  Inc. (incorporated by reference to Exhibit 10.2 to ACEP&#8217;s Form S-4 (SEC
                  File No. 333-118149), filed on August 12, 2004).</font></div>
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              <td align="left" valign="top" width="6%">&#160;</td>
              <td align="left" valign="top" width="2%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td align="left" valign="top" width="69%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
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            <tr>
              <td align="left" valign="top" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.22</font></div>
              </td>
              <td align="left" valign="top" width="2%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td align="left" valign="top" width="69%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Reaffirmation
                  Agreement, dated as of May 9, 2006, among the Grantors thereto
                  and Bear
                  Sterns Corporate Lending Inc., as Administrative Agent (incorporated
                  by
                  reference to Exhibit 10.2 to American Real Estate Partners, L.P.&#8217;s Form
                  8-K (SEC File No. 1-9156), filed on May 17,
                  2006).</font></div>
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      <div>&#160;</div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">7</font></div>
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      <div>&#160;</div>
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            <tr>
              <td align="left" valign="top" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.23</font></div>
              </td>
              <td align="left" valign="top" width="2%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td align="left" valign="top" width="69%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">First
                  Modification to Deed of Trust, Assignment of Rents and Leases,
                  Security
                  Agreement and Fixture Filing made by Stratosphere Corporation,
                  as Trustor,
                  to Lawyers Title of Nevada, as Trustee, for the benefit of Wilmington
                  Trust Company, in its capacity as Indenture Trustee, for the benefit
                  of
                  the Secured Parties, as Beneficiary, dated as of May 9, 2006 (incorporated
                  by reference to Exhibit 10.3 to American Real Estate Partners,
                  L.P.&#8217;s Form
                  8-K (SEC File No. 1-9156), filed on May 17, 2006).</font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="6%">&#160;</td>
              <td align="left" valign="top" width="2%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td align="left" valign="top" width="69%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.24</font></div>
              </td>
              <td align="left" valign="top" width="2%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td align="left" valign="top" width="69%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">First
                  Modification to Deed of Trust, Assignment of Rents and Leases,
                  Security
                  Agreement and Fixture Filing made by Stratosphere Corporation,
                  as Trustor,
                  to Lawyers Title of Nevada, as Trustee, for the benefit of Bear
                  Sterns
                  Corporate Lending Inc., in its capacity as Administrative Agent,
                  for the
                  benefit of the Secured Parties, as Beneficiary, dated as of May
                  9, 2006
                  (incorporated by reference to Exhibit 10.4 to American Real Estate
                  Partners, L.P.&#8217;s Form 8-K (SEC File No. 1-9156), filed on May 17,
                  2006).</font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="6%">&#160;</td>
              <td align="left" valign="top" width="2%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td align="left" valign="top" width="69%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.25</font></div>
              </td>
              <td align="left" valign="top" width="2%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td align="left" valign="top" width="69%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">First
                  Modification to Deed of Trust, Assignment of Rents and Leases,
                  Security
                  Agreement and Fixture Filing made by Stratosphere Land Corporation,
                  as
                  Trustor, to Lawyers Title of Nevada, as Trustee, for the benefit
                  of Bear
                  Sterns Corporate Lending Inc., in its capacity as Administrative
                  Agent,
                  for the benefit of the Secured Parties, as Beneficiary, dated as
                  of May 9,
                  2006 (incorporated by reference to Exhibit 10.5 to American Real
                  Estate
                  Partners, L.P.&#8217;s Form 8-K (SEC File No. 1-9156), filed on May&#160;17,
                  2006).</font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="6%">&#160;</td>
              <td align="left" valign="top" width="2%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td align="left" valign="top" width="69%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.26</font></div>
              </td>
              <td align="left" valign="top" width="2%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td align="left" valign="top" width="69%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">First
                  Modification to Deed of Trust, Assignment of Rents and Leases,
                  Security
                  Agreement and Fixture Filing made by Fresca, LLC, as Trustor, to
                  Lawyers
                  Title of Nevada, as Trustee, for the benefit of Bear Sterns Corporate
                  Lending Inc., in its capacity as Administrative Agent, for the
                  benefit of
                  the Secured Parties, as Beneficiary, dated as of May 9, 2006 (incorporated
                  by reference to Exhibit 10.6 to American Real Estate Partners,
                  L.P.&#8217;s Form
                  8-K (SEC File No. 1-9156), filed on May 17, 2006).</font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="6%">&#160;</td>
              <td align="left" valign="top" width="2%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td align="left" valign="top" width="69%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.27</font></div>
              </td>
              <td align="left" valign="top" width="2%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td align="left" valign="top" width="69%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">First
                  Modification to Deed of Trust, Assignment of Rents and Leases,
                  Security
                  Agreement and Fixture Filing made by Arizona Charlie&#8217;s, LLC, as Trustor,
                  to Lawyers Title of Nevada, as Trustee, for the benefit of Bear
                  Sterns
                  Corporate Lending Inc., in its capacity as Administrative Agent,
                  for the
                  benefit of the Secured Parties, as Beneficiary, dated as of May
                  9, 2006
                  (incorporated by reference to Exhibit 10.7 to American Real Estate
                  Partners, L.P.&#8217;s Form 8-K (SEC File No. 1-9156), filed on May 17,
                  2006).</font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="6%">&#160;</td>
              <td align="left" valign="top" width="2%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td align="left" valign="top" width="69%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.28</font></div>
              </td>
              <td align="left" valign="top" width="2%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td align="left" valign="top" width="69%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Loan
                  and Security Agreement, dated as of June 16, 2006, among WestPoint
                  Home,
                  Inc., as the Borrower, the Lenders from time to time party thereto,
                  and
                  Bank of America, N.A., as the Administrative Agent (incorporated
                  by
                  reference to Exhibit 10.1 to American Real Estate Partners, L.P.&#8217;s Form
                  8-K (SEC File No. 1-9156), filed on June 22, 2006).</font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="6%">&#160;</td>
              <td align="left" valign="top" width="2%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td align="left" valign="top" width="69%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.29</font></div>
              </td>
              <td align="left" valign="top" width="2%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td align="left" valign="top" width="69%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Credit
                  Agreement, dated as of August 21, 2006, among American Real Estate
                  Partners, L.P. and American Real Estate Finance Corp. as the Borrowers,
                  certain subsidiaries of the Borrowers from time to time party thereto,
                  as
                  Guarantors, the several lenders from time to time party thereto,
                  and Bear
                  Stearns Corporate Lending Inc., as Administrative Agent (incorporated
                  by
                  reference to Exhibit 10.1 to Form 8-K (SEC File No. 1-9516), filed
                  on
                  August 25, 2006).</font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="6%">&#160;</td>
              <td align="left" valign="top" width="2%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td align="left" valign="top" width="69%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.30</font></div>
              </td>
              <td align="left" valign="top" width="2%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td align="left" valign="top" width="69%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pledge
                  and Security Agreement, dated as of August 21, 2006, among AREP
                  Home
                  Fashion Holdings LLC, American Casino &amp; Entertainment LLC, AREP New
                  Jersey Land Holdings LLC, AREP Oil &amp; Gas Holdings LLC and AREP Real
                  Estate Holdings LLC, collectively as the AREH Subsidiary Guarantors,
                  and
                  Bear Stearns Corporate Lending Inc., as Collateral Agent (incorporated
                  by
                  reference to Exhibit 10.2 to Form 8-K (SEC File No. 1-9516), filed
                  on
                  August 25, 2006).</font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="6%">&#160;</td>
              <td align="left" valign="top" width="2%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td align="left" valign="top" width="69%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.31</font></div>
              </td>
              <td align="left" valign="top" width="2%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td align="left" valign="top" width="69%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Exclusivity
                  Agreement and Letter of Intent, dated September 7, 2006, by and
                  among
                  American Real Estate Partners, L.P., American Real Estate Holdings
                  Limited
                  Partnership and Riata Energy, Inc. (incorporated by reference to
                  Exhibit
                  10.1 to Form 8-K (SEC File No. 1-9516), filed on September 8,
                  2006).</font></div>
              </td>
            </tr>

        </table>
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      <div>&#160;</div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">
          </div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">8</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
        </div>
      </div>
      <div>&#160;</div>
      <div>
        <table cellpadding="0" cellspacing="0" width="100%">

            <tr>
              <td align="left" valign="top" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.32</font></div>
              </td>
              <td align="left" valign="top" width="2%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td align="left" valign="top" width="69%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Acquisition
                  Agreement, dated September 3, 2006, by and among Pinnacle Entertainment,
                  Inc., Atlantic Coast Entertainment Holdings, Inc., ACE Gaming LLC,
                  American Real Estate Holdings Limited Partnership, AREP Boardwalk
                  Properties LLC, PSW Properties LLC, AREH MLK LLC and Mitre Associates
                  LLC
                  (incorporated by reference to Exhibit 10.1 to Form 8-K(SEC File
                  No.
                  1-9516), filed on September 8, 2006).</font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="6%">&#160;</td>
              <td align="left" valign="top" width="2%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td align="left" valign="top" width="69%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.33</font></div>
              </td>
              <td align="left" valign="top" width="2%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td align="left" valign="top" width="69%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Stockholders
                  Agreement, dated as of September 3, 2006, among Pinnacle Entertainment,
                  Inc., American Real Estate Holdings Limited Partnership and AREP
                  Sands
                  Holding, LLC (incorporated by reference to Exhibit 10.2 to Form
                  8-K (SEC
                  File No. 1-9516), filed on September 8, 2006).</font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="6%">&#160;</td>
              <td align="left" valign="top" width="2%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td align="left" valign="top" width="69%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.34</font></div>
              </td>
              <td align="left" valign="top" width="2%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td align="left" valign="top" width="69%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Agreement,
                  dated as of October 25, 2006 by and among National Energy Group,
                  Inc., NEG
                  Oil &amp; Gas LLC, NEG, Inc. and American Real Estate Holdings Limited
                  Partnership (incorporated by reference to Exhibit 10.1 to Form
                  8-K (SEC
                  File No. 1-9516), filed on October 31, 2006).</font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="6%">&#160;</td>
              <td align="left" valign="top" width="2%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td align="left" valign="top" width="69%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.35</font></div>
              </td>
              <td align="left" valign="top" width="2%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td align="left" valign="top" width="69%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Purchase
                  and Sale Agreement, dated November 21, 2006, by and among American
                  Real
                  Estate Partners, L.P., American Real Estate Holdings Limited Partnership,
                  AREP Oil &amp; Gas Holdings LLC, AREP O &amp; G Holdings LLC, NEG Oil
                  &amp; Gas LLC and SandRidge Holdings, Inc. and solely for purposes of
                  Article V, Article XII, Section 9.5 and Section 10.2, Riata Energy,
                  Inc.
                  (incorporated by reference to Exhibit 10.1 to Form 8-K (SEC File
                  No.
                  1-9516), filed on November 28, 2006).</font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="6%">&#160;</td>
              <td align="left" valign="top" width="2%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td align="left" valign="top" width="69%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.36</font></div>
              </td>
              <td align="left" valign="top" width="2%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td align="left" valign="top" width="69%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Shareholders
                  Agreement, dated November 21, 2006, among Riata Energy, Inc. and
                  Certain
                  Shareholders of Riata Energy, Inc. (incorporated by reference to
                  Exhibit
                  10.2 to Form 8-K (SEC File No. 1-9516), filed on November 28,
                  2006).</font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="6%">&#160;</td>
              <td align="left" valign="top" width="2%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td align="left" valign="top" width="69%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.37</font></div>
              </td>
              <td align="left" valign="top" width="2%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td align="left" valign="top" width="69%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Interest
                  Transfer Agreement, dated as of November 24, 2006, among Highcrest
                  Investors Corp., Meadow Star Partner LLC, AREP O&amp;G Holdings LLC and
                  AREH Oil &amp; Gas Corp. (incorporated by reference to Exhibit 10.1 to
                  Form 8-K (SEC File No. 1-9516), filed on November 30,
                  2006).</font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="6%">&#160;</td>
              <td align="left" valign="top" width="2%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td align="left" valign="top" width="69%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.38</font></div>
              </td>
              <td align="left" valign="top" width="2%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td align="left" valign="top" width="69%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Agreement
                  of Limited Partnership of Rome Acquisition Limited Partnership,
                  effective
                  as of November 15, 2006, among WH Rome Partners LLC and Meadow
                  Star LLC
                  (incorporated by reference to Exhibit 10.2 to Form 8-K (SEC File
                  No.
                  1-9516), filed on November 30, 2006).</font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="6%">&#160;</td>
              <td align="left" valign="top" width="2%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td align="left" valign="top" width="69%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.39</font></div>
              </td>
              <td align="left" valign="top" width="2%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td align="left" valign="top" width="69%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Subscription
                  and Standby Commitment Agreement, dated as of December 7, 2006,
                  by and
                  among WestPoint International, Inc. and American Real Estate Holdings
                  Limited Partnership (incorporated by reference to Exhibit 10.1
                  to Form 8-K
                  (SEC File No. 1-9516), filed on December 8, 2006).</font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="6%">&#160;</td>
              <td align="left" valign="top" width="2%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td align="left" valign="top" width="69%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10.40</font></div>
              </td>
              <td align="left" valign="top" width="2%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td align="left" valign="top" width="69%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Employment
                  Agreement, dated December 1, 2006, between American Real Estate
                  Holdings
                  Limited Partnership and Peter Shea (incorporated by reference to
                  Exhibit
                  10.1 to Form 8-K (SEC File No. 1-9516), filed on December 28,
                  2006).</font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="6%">&#160;</td>
              <td align="left" valign="top" width="2%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td align="left" valign="top" width="69%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">12.1</font></div>
              </td>
              <td align="left" valign="top" width="2%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td align="left" valign="top" width="69%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Ratio
                  of earnings to fixed charges. (incorporated by reference to Exhibit
                  12.1
                  to AREP&#8217;s Form 10-K (SEC File No. 1-9516), filed on March 6,
                  2007).</font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="6%">&#160;</td>
              <td align="left" valign="top" width="2%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td align="left" valign="top" width="69%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">14.1</font></div>
              </td>
              <td align="left" valign="top" width="2%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td align="left" valign="top" width="69%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Code
                  of Business Conduct and Ethics (incorporated by reference to Exhibit
                  99.2
                  to AREP&#8217;s Form 10-Q for the quarter ended September 30, 2004 (SEC File
                  No.
                  1-9516), filed on November 9, 2004).</font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="6%">&#160;</td>
              <td align="left" valign="top" width="2%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td align="left" valign="top" width="69%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">21</font></div>
              </td>
              <td align="left" valign="top" width="2%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td align="left" valign="top" width="69%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Subsidiaries
                  of the Registrant. (incorporated by reference to Exhibit 21 to
                  AREP&#8217;s Form
                  10-K (SEC File No. 1-9516), filed on March 6, 2007).</font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="6%">&#160;</td>
              <td align="left" valign="top" width="2%">&#160;</td>
              <td align="left" valign="top" width="69%">&#160;</td>
            </tr>
            <tr>
              <td align="left" valign="top" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">23.1</font></div>
              </td>
              <td align="left" valign="top" width="2%">&#160;</td>
              <td align="left" valign="top" width="69%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Consent
                  of Grant Thornton LLP.</font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="6%">&#160;</td>
              <td align="left" valign="top" width="2%">&#160;</td>
              <td align="left" valign="top" width="69%">&#160;</td>
            </tr>
            <tr>
              <td align="left" valign="top" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">23.2</font></div>
              </td>
              <td align="left" valign="top" width="2%">&#160;</td>
              <td align="left" valign="top" width="69%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Consent
                  of KPMG LLP.</font></div>
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            </tr>

        </table>
      </div>
      <div>&#160;</div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">
          </div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">9</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
        </div>
      </div>
      <div>&#160;</div>
      <div>
        <table cellpadding="0" cellspacing="0" width="100%">

            <tr>
              <td align="left" valign="top" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">23.3</font></td>
              <td align="left" valign="top" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
              <td align="left" valign="top" width="69%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Consent
                of KPMG LLP.</font></td>
            </tr>
            <tr>
              <td align="left" valign="top" width="6%">&#160;</td>
              <td align="left" valign="top" width="2%">&#160;</td>
              <td align="left" valign="top" width="69%">&#160;</td>
            </tr>
            <tr>
              <td align="left" valign="top" width="6%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">23.4</font></td>
              <td align="left" valign="top" width="2%">&#160;</td>
              <td align="left" valign="top" width="69%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Consent
                of KPMG LLP.</font></td>
            </tr>
            <tr>
              <td align="left" valign="top" width="6%">&#160;</td>
              <td align="left" valign="top" width="2%">&#160;</td>
              <td align="left" valign="top" width="69%">&#160;</td>
            </tr>
            <tr>
              <td align="left" valign="top" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">31.1</font></div>
              </td>
              <td align="left" valign="top" width="2%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td align="left" valign="top" width="69%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Certification
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                  Sarbanes-Oxley Act of 2002. </font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="6%">&#160;</td>
              <td align="left" valign="top" width="2%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td align="left" valign="top" width="69%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">31.2</font></div>
              </td>
              <td align="left" valign="top" width="2%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td align="left" valign="top" width="69%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Certification
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              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="6%">&#160;</td>
              <td align="left" valign="top" width="2%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td align="left" valign="top" width="69%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">32.1</font></div>
              </td>
              <td align="left" valign="top" width="2%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td align="left" valign="top" width="69%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Certification
                  of Principal Executive Officer pursuant to Section 906 of the
                  Sarbanes-Oxley Act of 2002. </font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="6%">&#160;</td>
              <td align="left" valign="top" width="2%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td align="left" valign="top" width="69%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">32.2</font></div>
              </td>
              <td align="left" valign="top" width="2%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
              </td>
              <td align="left" valign="top" width="69%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Certification
                  of Principal Financial Officer pursuant to Section 906 of the
                  Sarbanes-Oxley Act of 2002.</font></div>
              </td>
            </tr>
            <tr>
              <td align="left" valign="top" width="6%">&#160;</td>
              <td align="left" valign="top" width="2%">&#160;</td>
              <td align="left" valign="top" width="69%">&#160;</td>
            </tr>
            <tr>
              <td align="left" valign="top" width="6%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">99.1</font></div>
              </td>
              <td align="left" valign="top" width="2%">&#160;</td>
              <td align="left" valign="top" width="69%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Consolidated
                  Financial Statements of ImClone Systems Incorporated for the year
                  ended
                  December 31, 2006.</font></div>
              </td>
            </tr>

        </table>
      </div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">
          </div>
        </div>
        <div id="PN">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">10</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
        </div>
      </div><br>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    </div>
  </body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>2
<FILENAME>v068275_ex23-1.htm
<TEXT>
<html>
  <head>
    <title>
      Unassociated Document
</title><!-- Licensed to: vf-->
<!-- Document Created using EDGARizer HTML 3.0.4.0 -->
<!-- Copyright 2006 EDGARfilings, Ltd., an IEC company.-->
<!-- All rights reserved EDGARfilings.com -->
</head>
  <body bgcolor="#ffffff">
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><strong><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">EXHIBIT
      23.1</font></strong></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>CONSENT
      OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We
      have
      issued our reports dated March 2, 2007, accompanying the consolidated financial
      statements and management&#8217;s assessment of the effectiveness of internal control
      over financial reporting included in the Annual Report of American Real Estate
      Partners, L.P. and Subsidiaries on Form 10-K for the year ended December 31,
      2006. We hereby consent to the incorporation by reference of said reports in
      the
      Registration Statement of American Real Estate Partners L.P. and Subsidiaries
      on
      Form S-3 (File No. 333-126069, effective April 21, 2006).</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">/S/
      GRANT
      THORNTON LLP</font><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">New
      York,
      New York</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">March
      2,
      2007</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN">
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
        </div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
  </body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.2
<SEQUENCE>3
<FILENAME>v068275_ex23-2.htm
<TEXT>
<html>
  <head>
    <title>
      Unassociated Document
</title><!-- Licensed to: vf-->
<!-- Document Created using EDGARizer HTML 3.0.4.0 -->
<!-- Copyright 2006 EDGARfilings, Ltd., an IEC company.-->
<!-- All rights reserved EDGARfilings.com -->
</head>
  <body bgcolor="#ffffff"><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>EXHIBIT
      23.2 </strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><a name="FIS_EXPERTS_CONSENT"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>CONSENT
      OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</strong></font></font></a></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We
        consent to the incorporation by reference in the registration statement No.
        333-126069 on Form S-3, of American Real Estate Partners, L.P., of our report
        dated March 1, 2007, with respect to the consolidated balance sheets of ImClone
        Systems Incorporated and subsidiary as of December 31, 2006 and 2005, and
        the
        related consolidated statements of operations, stockholders&#8217; equity (deficit)
        and comprehensive income, and cash flows for each of the years in the three-year
        period ended December 31, 2006, which report appears in the December 31,
        2006
        annual report on Form 10-K/A Amendment No. 1 of American Real Estate Partners,
        L.P.</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        Our
        report on the consolidated financial statements refers to the Company&#8217;s adoption
        of the provisions of Statement of Financial Accounting Standards No.&#160;123R,
&#8220;Share-Based Payment.&#8221;</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">/s/
      KPMG
      LLP </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Princeton,
      New Jersey</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">March
      15,
      2007</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
  </body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.3
<SEQUENCE>4
<FILENAME>v068275_ex23-3.htm
<TEXT>
<html>
  <head>
    <title>
      Unassociated Document
</title><!-- Licensed to: vf-->
<!-- Document Created using EDGARizer HTML 3.0.4.0 -->
<!-- Copyright 2006 EDGARfilings, Ltd., an IEC company.-->
<!-- All rights reserved EDGARfilings.com -->
</head>
  <body bgcolor="#ffffff">
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><strong><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">EXHIBIT
      23.3</font></strong></div>
    <div>&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>CONSENT
      OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We
      consent to the incorporation by reference in the registration statement No.
      333-126069 on Form S-3, of American Real Estate Partners, L.P., of our report
      dated March 1, 2007, with respect to the consolidated balance sheets of ImClone
      Systems Incorporated and subsidiary as of December 31, 2006 and 2005, and the
      related consolidated statements of operations, stockholders&#8217; equity (deficit)
      and comprehensive income, and cash flows for the years then ended, which report
      appears in the December 31, 2006 annual report on Form 10-K of American Real
      Estate Partners, L.P.</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
      Our
      report on the consolidated financial statements refers to the Company&#8217;s adoption
      of the provisions of Statement of Financial Accounting Standards No.&#160;123R,
&#8220;Share-Based Payment.&#8221;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">/s/
      KPMG
      LLP</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Princeton,
      New Jersey</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">March
      15,
      2007 </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
  </body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.4
<SEQUENCE>5
<FILENAME>v068275_ex23-4.htm
<TEXT>
<html>
  <head>
    <title>
      Unassociated Document
</title><!-- Licensed to: vf-->
<!-- Document Created using EDGARizer HTML 3.0.4.0 -->
<!-- Copyright 2006 EDGARfilings, Ltd., an IEC company.-->
<!-- All rights reserved EDGARfilings.com -->
</head>
  <body bgcolor="#ffffff">
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>EXHIBIT
      23.4</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><u>Consent
      of Independent Registered Public Accounting Firm</u></strong></font><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We
      consent to the incorporation by reference in the Registration Statement No.
      333-126069 on Form S-3 of American Real Estate Partners, L.P. of our report
      dated March 11, 2005, with respect to the consolidated statements of operations,
      changes in shareholders&#8217; equity, and cash flows for the year ended December 31,
      2004 for GB Holdings, Inc. and subsidiaries. Our report dated March 11, 2005
      contains an explanatory paragraph that states that GB Holdings has suffered
      recurring net losses, has a net working capital deficiency and has significant
      debt obligations which are due within one year that raise substantial doubt
      about its ability to continue as a going concern. The consolidated financial
      statements do not include any adjustments that might result from the outcome
      of
      that uncertainty.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">/S/
      KPMG
      LLP</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Short
      Hills, New Jersey</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">March
      16,
      2007</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN">
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
        </div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
  </body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-31.1
<SEQUENCE>6
<FILENAME>v068275_ex31-1.htm
<TEXT>
<html>
  <head>
    <title>
      Unassociated Document
</title><!-- Licensed to: vf-->
<!-- Document Created using EDGARizer HTML 3.0.4.0 -->
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</head>
  <body bgcolor="#ffffff">
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>EXHIBIT&#160;31.1</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>CERTIFICATION
      OF PRINCIPAL EXECUTIVE OFFICER</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Pursuant
      To 18&#160;U.S.C. 1350</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Section&#160;302(a)
      of the Sarbanes-Oxley Act of 2002</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">I,
      Keith
      A. Meister, certify that:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1.&#160;I
      have reviewed this annual report on Form&#160;10-K/A&#160;(Amendment No.
      1)&#160;of American Real Estate Partners, L.P. for the period ended
      December&#160;31, 2006 (the &#8220;Report&#8221;);</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2.&#160;Based
      on my knowledge, this Report does not contain any untrue statement of a material
      fact or omit to state a material fact necessary to make the statements made,
      in
      light of the circumstances under which such statements were made, not misleading
      with respect to the period covered by this Report;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">3.&#160;Based
      on my knowledge, the financial statements, and other financial information
      included in this Report, fairly present in all material respects the financial
      condition, results of operations and cash flows of the Registrant as of, and
      for, the periods presented in this Report;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4.&#160;The
      Registrant&#8217;s other certifying officer and I are responsible for establishing and
      maintaining disclosure controls and procedures (as defined in Exchange Act
      Rules&#160;13a-15(e) and 15d-15(e)) and internal control over financial
      reporting as defined in Exchange Act Rules&#160;13a-15(f) and 15d-15(f) for the
      Registrant and we have:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">a)&#160;designed
      such disclosure controls and procedures, or caused such disclosure controls
      and
      procedures to be designed under our supervision, to ensure that material
      information relating to the Registrant, including its consolidated subsidiaries,
      is made known to us by others within those entities, particularly during the
      period in which this Report is being prepared;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">b)&#160;designed
      such internal control over financial reporting, or caused such internal control
      over financial reporting to be designed under our supervision, to provide
      reasonable assurance regarding the reliability of financial reporting and the
      preparation of financial statements for external purposes in accordance with
      generally accepted accounting principles;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">c)&#160;evaluated
      the effectiveness of the Registrant&#8217;s disclosure controls and procedures and
      presented in this Report our conclusions about the effectiveness of the
      disclosure controls and procedures as of the end of the period covered by this
      report based on such evaluation;&#160;and</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">d)&#160;disclosed
      in this Report any changes in the Registrant&#8217;s internal control over financial
      reporting that occurred during the Registrant&#8217;s most recent fiscal quarter (the
      Registrant&#8217;s fourth fiscal quarter in the case of an annual report) that has
      materially affected, or is reasonably likely to materially affect, the
      Registrant&#8217;s internal control over financial reporting.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">5.&#160;The
      Registrant&#8217;s other certifying officer and I have disclosed, based on our most
      recent evaluation of internal control over financial reporting, to the
      Registrant&#8217;s auditors and the audit committee of the Registrant&#8217;s board of
      directors (or persons performing the equivalent functions):</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">a)&#160;all
      significant deficiencies and material weaknesses in the design or operation
      of
      internal control over financial reporting which are reasonably likely to
      adversely affect the Registrant&#8217;s ability to record, process, summarize and
      report financial information;&#160;and</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">b)&#160;any
      fraud, whether or not material, that involves management or other employees
      who
      have a significant role in the Registrant&#8217;s internal control over financial
      reporting.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
      <table align="center" bgcolor="#ffffff" border="0" cellpadding="0" cellspacing="0" width="100%">

          <tr valign="top" bgcolor="#ffffff">
            <td width="40%">
            </td>
            <td width="5%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;</font></td>
            <td width="5%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;</font></td>
            <td width="40%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">/s/&#160;Keith
              A.
              Meister&#160;</font></td>
          </tr>
          <tr valign="top" bgcolor="#ffffff">
            <td align="left" width="40%">
            </td>
            <td width="5%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;</font></td>
            <td width="5%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;</font></td>
            <td align="left" width="40%">
              <hr style="COLOR: black" align="left" noshade size="2" width="80%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Keith
                A . Meister</strong></font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Principal
                Executive Officer and</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Vice
                Chairman of the Board of</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">American
                Property Investors, Inc.</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Principal
                Executive Officer),</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">the
                General Partner of</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">American
                Real Estate Partners, L.P.</font></div>
            </td>
          </tr>
          <tr valign="top" bgcolor="#ffffff">
            <td width="40%">&#160;</td>
            <td width="5%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;</font></td>
            <td width="5%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;</font></td>
            <td width="40%">&#160;</td>
          </tr>
          <tr valign="top" bgcolor="#ffffff">
            <td width="40%"><font size="2">Date: March&#160;16, 2007</font>&#160;</td>
            <td width="5%">&#160;</td>
            <td width="5%">&#160;</td>
            <td width="40%">&#160;</td>
          </tr>

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<DOCUMENT>
<TYPE>EX-31.2
<SEQUENCE>7
<FILENAME>v068275_ex31-2.htm
<TEXT>
<html>
  <head>
    <title>
      Unassociated Document
</title><!-- Licensed to: vf-->
<!-- Document Created using EDGARizer HTML 3.0.4.0 -->
<!-- Copyright 2006 EDGARfilings, Ltd., an IEC company.-->
<!-- All rights reserved EDGARfilings.com -->
</head>
  <body bgcolor="#ffffff">
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>EXHIBIT&#160;31.2</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>CERTIFICATION
      OF PRINCIPAL FINANCIAL OFFICER</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Pursuant
      to 18&#160;U.S.C. 1350</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Section&#160;302(a)
      of the Sarbanes-Oxley Act of 2002</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">I,
      Hillel
      Moerman, certify that:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1.&#160;I
      have reviewed this annual report on Form&#160;10-K /A (Amendment No. 1) of
      American Real Estate Partners, L.P. for the period ended December&#160;31, 2006
      (the &#8220;Report&#8221;);</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2.&#160;Based
      on my knowledge, this Report does not contain any untrue statement of a material
      fact or omit to state a material fact necessary to make the statements made,
      in
      light of the circumstances under which such statements were made, not misleading
      with respect to the period covered by this Report;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">3.&#160;Based
      on my knowledge, the financial statements, and other financial information
      included in this Report, fairly present in all material respects the financial
      condition, results of operations and cash flows of the Registrant as of, and
      for, the periods presented in this Report;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4.&#160;The
      Registrant&#8217;s other certifying officer and I are responsible for establishing and
      maintaining disclosure controls and procedures (as defined in Exchange Act
      Rules&#160;13a-15(e) and 15d-15(e)) and internal control over financial
      reporting as defined in Exchange Act Rules&#160;13a-15(f) and 15d-15(f) for the
      Registrant and we have:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">a)&#160;designed
      such disclosure controls and procedures, or caused such disclosure controls
      and
      procedures to be designed under our supervision, to ensure that material
      information relating to the Registrant, including its consolidated subsidiaries,
      is made known to us by others within those entities, particularly during the
      period in which this Report is being prepared;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">b)&#160;designed
      such internal control over financial reporting, or caused such internal control
      over financial reporting to be designed under our supervision, to provide
      reasonable assurance regarding the reliability of financial reporting and the
      preparation of financial statements for external purposes in accordance with
      generally accepted accounting principles;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">c)&#160;evaluated
      the effectiveness of the Registrant&#8217;s disclosure controls and procedures and
      presented in the Report our conclusions about the effectiveness of the
      disclosure controls and procedures as of the end of the period covered by this
      report based on such evaluation;&#160;and</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">d)&#160;disclosed
      in the Report any changes in the Registrant&#8217;s internal control over financial
      reporting that occurred during the Registrant&#8217;s most recent fiscal quarter (the
      Registrant&#8217;s fourth fiscal quarter in the case of an annual report) that has
      materially affected, or is reasonably likely to materially affect, the
      Registrant&#8217;s internal control over financial reporting.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">5.&#160;The
      Registrant&#8217;s other certifying officer and I have disclosed, based on our most
      recent evaluation of internal control over financial reporting, to the
      Registrant&#8217;s auditors and the audit committee of the Registrant&#8217;s board of
      directors (or persons performing the equivalent functions):</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">a)&#160;all
      significant deficiencies and material weaknesses in the design or operation
      of
      internal control over financial reporting which are reasonably likely to
      adversely affect the Registrant&#8217;s ability to record, process, summarize and
      report financial information;&#160;and</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">b)&#160;any
      fraud, whether or not material, that involves management or other employees
      who
      have a significant role in the Registrant&#8217;s internal control over financial
      reporting.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
      <table align="center" bgcolor="#ffffff" border="0" cellpadding="0" cellspacing="0" width="100%">

          <tr valign="top" bgcolor="#ffffff">
            <td width="40%">
            </td>
            <td width="5%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;</font></td>
            <td width="5%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;</font></td>
            <td width="40%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">/s/&#160;Hillel
              Moerman</font></td>
          </tr>
          <tr valign="top" bgcolor="#ffffff">
            <td align="left" width="40%">
            </td>
            <td width="5%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;</font></td>
            <td width="5%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;</font></td>
            <td align="left" width="40%">
              <hr style="COLOR: black" align="left" noshade size="2" width="80%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Hillel
                Moerman</strong></font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Chief
                Financial Officer and Chief Accounting Officer of</font></div>
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                Property Investors, Inc.</font></div>
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                General Partner of</font></div>
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                Real Estate Partners, L.P.</font></div>
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            <td width="40%"><font size="2">Date: March&#160;16, 2007</font>&#160;</td>
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<DOCUMENT>
<TYPE>EX-32.1
<SEQUENCE>8
<FILENAME>v068275_ex32-1.htm
<TEXT>
<html>
  <head>
    <title>
      Unassociated Document
</title><!-- Licensed to: vf-->
<!-- Document Created using EDGARizer HTML 3.0.4.0 -->
<!-- Copyright 2006 EDGARfilings, Ltd., an IEC company.-->
<!-- All rights reserved EDGARfilings.com -->
</head>
  <body bgcolor="#ffffff">
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>EXHIBIT&#160;32.1</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>CERTIFICATION
      OF PRINCIPAL EXECUTIVE OFFICER</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Pursuant
      to 18&#160;U.S.C. 1350</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Section&#160;906
      of the Sarbanes-Oxley Act of 2002</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">I,
      Keith
      A. Meister, Principal Executive Officer of American Property Investors, Inc.,
      the General Partner of American Real Estate Partners, L.P. (the &#8220;Registrant&#8221;),
      certify that to the best of my knowledge, based upon a review of the
      Registrant&#8217;s annual report on Form&#160;10-K/A (Amendment No. 1)&#160;for the
      period ended December&#160;31, 2006 (the &#8220;Report&#8221;):</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(1)&#160;The
      Report fully complies with the requirements of Section&#160;13(a) or 15(d) of
      the Securities Exchange Act of 1934, as amended;&#160;and</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(2)&#160;The
      information contained in the Report fairly presents, in all material respects,
      the financial condition and results of operations of the
      Registrant.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
      <table align="center" bgcolor="#ffffff" border="0" cellpadding="0" cellspacing="0" width="100%">

          <tr valign="top" bgcolor="#ffffff">
            <td width="40%">
            </td>
            <td width="5%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;</font></td>
            <td width="5%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;</font></td>
            <td width="40%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">/s/&#160;Keith
              A.
              Meister&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
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            </td>
            <td width="5%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;</font></td>
            <td width="5%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;</font></td>
            <td align="left" width="40%">
              <hr style="COLOR: black" align="left" noshade size="2" width="80%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Keith
                A . Meister</strong></font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Principal
                Executive Officer and</strong></font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Vice
                Chairman of the Board of</strong></font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>American
                Property Investors, Inc.</strong></font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>(Principal
                Executive Officer),</strong></font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>the
                General Partner of</strong></font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>American
                Real Estate Partners, L.P.</strong></font></div>
            </td>
          </tr>
          <tr valign="top" bgcolor="#ffffff">
            <td width="40%">&#160;</td>
            <td width="5%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;</font></td>
            <td width="5%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;</font></td>
            <td width="40%">&#160;</td>
          </tr>
          <tr valign="top" bgcolor="#ffffff">
            <td width="40%"><font size="2">Date: March&#160;16, 2007</font>&#160;</td>
            <td width="5%">&#160;</td>
            <td width="5%">&#160;</td>
            <td width="40%">&#160;</td>
          </tr>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-32.2
<SEQUENCE>9
<FILENAME>v068275_ex32-2.htm
<TEXT>
<html>
  <head>
    <title>
      Unassociated Document
</title><!-- Licensed to: vf-->
<!-- Document Created using EDGARizer HTML 3.0.4.0 -->
<!-- Copyright 2006 EDGARfilings, Ltd., an IEC company.-->
<!-- All rights reserved EDGARfilings.com -->
</head>
  <body bgcolor="#ffffff">
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>EXHIBIT&#160;32.2</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>CERTIFICATION
      OF PRINCIPAL FINANCIAL OFFICER</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Pursuant
      to 18&#160;U.S.C. 1350</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Section&#160;906
      of the Sarbanes-Oxley Act of 2002</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">I,
      Hillel
      Moerman, Chief Financial Officer and Chief Accounting Officer (Principal
      Financial and Accounting Officer) of American Property Investors, Inc., the
      General Partner of American Real Estate Partners, L.P. (the &#8220;Registrant&#8221;),
      certify that to the best of my knowledge, based upon a review of the
      Registrant&#8217;s annual report on Form&#160;10-K/A (Amendment No. 1)&#160;for the
      period ended December&#160;31, 2006 (the &#8220;Report&#8221;):</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(1)&#160;The
      Report fully complies with the requirements of Section&#160;13(a) or 15(d) of
      the Securities Exchange Act of 1934, as amended;&#160;and</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(2)&#160;The
      information contained in the Report fairly presents, in all material respects,
      the financial condition and results of operations of the
      Registrant.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
      <table align="center" bgcolor="#ffffff" border="0" cellpadding="0" cellspacing="0" width="100%">

          <tr valign="top" bgcolor="#ffffff">
            <td width="40%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;</font></td>
            <td width="5%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;</font></td>
            <td width="5%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;</font></td>
            <td width="40%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;</font></td>
          </tr>
          <tr valign="top" bgcolor="#ffffff">
            <td width="40%">
            </td>
            <td width="5%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;</font></td>
            <td width="5%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;</font></td>
            <td width="40%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">/s/&#160;Hillel
              Moerman</font></td>
          </tr>
          <tr valign="top" bgcolor="#ffffff">
            <td align="left" width="40%">
            </td>
            <td width="5%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;</font></td>
            <td width="5%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;</font></td>
            <td align="left" width="40%">
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Hillel
                Moerman</strong></font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Chief
                Financial Officer and Chief Accounting Officer</strong></font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>of
                American Property Investors, Inc.</strong></font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>(Principal
                Financial and Accounting Officer),</strong></font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>the
                General Partner of</strong></font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>American
                Real Estate Partners, L.P.</strong></font></div>
            </td>
          </tr>
          <tr valign="top" bgcolor="#ffffff">
            <td width="40%">&#160;</td>
            <td width="5%">&#160;</td>
            <td width="5%">&#160;</td>
            <td width="40%">&#160;</td>
          </tr>
          <tr valign="top" bgcolor="#ffffff">
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            <td width="5%">&#160;</td>
            <td width="5%">&#160;</td>
            <td width="40%">&#160;</td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br>&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN">
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>10
<FILENAME>v068275_ex99-1.htm
<TEXT>
<html>
  <head>
    <title>
      Unassociated Document
</title><!-- Licensed to: vf-->
<!-- Document Created using EDGARizer HTML 3.0.4.0 -->
<!-- Copyright 2006 EDGARfilings, Ltd., an IEC company.-->
<!-- All rights reserved EDGARfilings.com -->
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  <body bgcolor="#ffffff" style="MARGIN: 5%; TEXT-INDENT: 0pt">
    <div align="center">
      <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>EXHIBIT
        99.1</strong></font></div>
      <div>&#160;</div>
      <div><strong><font style="FONT-FAMILY: Times New Roman, Times, serif">INDEX
        TO
        FINANCIAL STATEMENTS </font></strong></div>
    </div>
    <div>
      <table border="0" width="100%">

          <tr>
            <td width="89%"><font style="FONT-FAMILY: Times New Roman, Times, serif" size="2"><strong>Audited
              Financial Statements: </strong></font></td>
            <td width="4%"><font style="FONT-FAMILY: Times New Roman, Times, serif" size="2">&#160;</font></td>
            <td width="7%"><font style="FONT-FAMILY: Times New Roman, Times, serif" size="2">&#160;</font></td>
          </tr>
          <tr>
            <td><font style="FONT-FAMILY: Times New Roman, Times, serif" size="2">Report
              of Independent Registered Public Accounting Firm </font></td>
            <td><font style="FONT-FAMILY: Times New Roman, Times, serif" size="2">&#160;</font></td>
            <td><font style="FONT-FAMILY: Times New Roman, Times, serif" size="2">F-2</font></td>
          </tr>
          <tr>
            <td><font style="FONT-FAMILY: Times New Roman, Times, serif" size="2">Consolidated
              Balance Sheets at December 31, 2006 and 2005</font></td>
            <td><font style="FONT-FAMILY: Times New Roman, Times, serif" size="2">&#160;</font></td>
            <td><font style="FONT-FAMILY: Times New Roman, Times, serif" size="2">F-3</font></td>
          </tr>
          <tr>
            <td><font style="FONT-FAMILY: Times New Roman, Times, serif" size="2">Consolidated
              Statements of Operations for the Years Ended December
              31, 2006, 2005 and 2004</font></td>
            <td><font style="FONT-FAMILY: Times New Roman, Times, serif" size="2">&#160;</font></td>
            <td><font style="FONT-FAMILY: Times New Roman, Times, serif" size="2">F-4</font></td>
          </tr>
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            <td><font style="FONT-FAMILY: Times New Roman, Times, serif" size="2">Consolidated
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        </div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>REPORT
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      <div style="MARGIN: 0pt 0pt 6pt"><strong><font style="FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">The
        Board of Directors and Stockholders<br>ImClone Systems
        Incorporated:</font></strong></div>
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        as listed in the accompanying index. These consolidated financial statements
        are
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        an opinion on these consolidated financial statements based on our
        audits.</font></div>
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        Oversight Board (United States). Those standards require that we plan and
        perform the audit to obtain reasonable assurance about whether the financial
        statements are free of material misstatement. An audit includes examining,
        on a
        test basis, evidence supporting the amounts and disclosures in the financial
        statements. An audit also includes assessing the accounting principles used
        and
        significant estimates made by management, as well as evaluating the overall
        financial statement presentation. We believe that our audits provide a
        reasonable basis for our opinion.</font></div>
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        material respects, the financial position of ImClone Systems Incorporated
        and
        subsidiary as of December&#160;31, 2006 and 2005, and the results of their
        operations and their cash flows for each of the years in the three-year period
        ended December&#160;31, 2006, in conformity with U.S. generally accepted
        accounting principles.</font></div>
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        notes 2(i)&#160;and 11(d)&#160;to the consolidated financial statements, the
        Company adopted the provisions of Statement of Financial Accounting Standards
        No.&#160;123R, &#8220;Share-Based Payment,&#8221; effective January&#160;1,
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        SYSTEMS INCORPORATED</a><br>CONSOLIDATED BALANCE SHEETS<a name="ConsolidatedBalanceSheets_044518"><br>(in
        thousands, except per share and
        share data)</a></font></strong></div>
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                <div style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt">&#160;</div>
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                <div style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt; TEXT-ALIGN: right">&#160;</div>
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              <td colspan="2" valign="bottom" width="62" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 46.5pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt; TEXT-ALIGN: right">&#160;</div>
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
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                <div style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt; TEXT-ALIGN: right">&#160;</div>
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              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 4.65pt; padding-top: 0in;">
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                <div style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right">&#160;</div>
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              <td valign="bottom" width="5" style="padding-right: 0in; padding-left: 0in; padding-bottom: 0in; width: 4pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt; TEXT-ALIGN: left" align="left"><font style="FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman" size="1">$</font></div>
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              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 4.65pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
            </tr>
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              <td valign="top" width="445" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 333.7pt; padding-top: 0in;">
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                <div style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="62" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 46.5pt; padding-top: 0in;">
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              <td colspan="2" valign="bottom" width="62" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 46.5pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman" size="1">752,973</font></div>
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                <div style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt">&#160;</div>
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              <td valign="top" width="445" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 333.7pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt 20pt; TEXT-INDENT: -10pt; LINE-HEIGHT: 10pt"><font style="FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman" size="1">Prepaid
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="62" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 46.5pt; padding-top: 0in;">
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="62" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 46.5pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman" size="1">3,766</font></div>
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              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 4.65pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt">&#160;</div>
              </td>
            </tr>
            <tr style="page-break-inside: avoid;">
              <td valign="top" width="445" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 333.7pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt 20pt; TEXT-INDENT: -10pt; LINE-HEIGHT: 10pt"><font style="FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman" size="1">Amounts
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="62" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 46.5pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman" size="1">78,030</font></div>
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="62" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 46.5pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman" size="1">59,271</font></div>
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              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 4.65pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt">&#160;</div>
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              <td valign="top" width="445" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 333.7pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt 20pt; TEXT-INDENT: -10pt; LINE-HEIGHT: 10pt"><font style="FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman" size="1">Inventories</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt">&#160;</div>
              </td>
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                <div style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman" size="1">102,215</font></div>
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt">&#160;</div>
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              <td colspan="2" valign="bottom" width="62" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 46.5pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman" size="1">81,394</font></div>
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              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 4.65pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt">&#160;</div>
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              <td valign="top" width="445" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 333.7pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt 20pt; TEXT-INDENT: -10pt; LINE-HEIGHT: 10pt"><font style="FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman" size="1">Deferred
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt">&#160;</div>
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              <td colspan="2" valign="bottom" width="62" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 46.5pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman" size="1">29,715</font></div>
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt">&#160;</div>
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              <td colspan="2" valign="bottom" width="62" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 46.5pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman" size="1">&#8212;</font></div>
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              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 4.65pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt">&#160;</div>
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              <td valign="top" width="445" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 333.7pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt 20pt; TEXT-INDENT: -10pt; LINE-HEIGHT: 10pt"><font style="FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman" size="1">Other
                  current
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              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt">&#160;</div>
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              <td colspan="2" valign="bottom" width="62" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0in; padding-bottom: 0in; border-left: medium none; width: 46.5pt; padding-top: 0in; border-bottom: windowtext 1pt solid;">
                <div style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman" size="1">12,123</font></div>
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="62" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0in; padding-bottom: 0in; border-left: medium none; width: 46.5pt; padding-top: 0in; border-bottom: windowtext 1pt solid;">
                <div style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman" size="1">8,311</font></div>
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              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 4.65pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt">&#160;</div>
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            </tr>
            <tr style="page-break-inside: avoid;">
              <td valign="top" width="445" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 333.7pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt 30pt; TEXT-INDENT: -10pt; LINE-HEIGHT: 10pt"><font style="FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman" size="1">Total
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              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="62" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0in; padding-bottom: 0in; border-left: medium none; width: 46.5pt; padding-top: 0in; border-bottom: windowtext 1pt solid;">
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="62" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0in; padding-bottom: 0in; border-left: medium none; width: 46.5pt; padding-top: 0in; border-bottom: windowtext 1pt solid;">
                <div style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman" size="1">909,118</font></div>
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              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 4.65pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt">&#160;</div>
              </td>
            </tr>
            <tr bgcolor="#cceeff" style="page-break-inside: avoid;">
              <td valign="top" width="445" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 333.7pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt 10pt; TEXT-INDENT: -10pt; LINE-HEIGHT: 10pt"><font style="FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman" size="1">Property,
                  plant and equipment, net</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="62" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 46.5pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman" size="1">423,000</font></div>
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="62" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 46.5pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman" size="1">406,595</font></div>
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              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 4.65pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt">&#160;</div>
              </td>
            </tr>
            <tr style="page-break-inside: avoid;">
              <td valign="top" width="445" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 333.7pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt 10pt; TEXT-INDENT: -10pt; LINE-HEIGHT: 10pt"><font style="FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman" size="1">Deferred
                  financing costs, net</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="62" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 46.5pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman" size="1">8,818</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="62" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 46.5pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman" size="1">12,531</font></div>
              </td>
              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 4.65pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt">&#160;</div>
              </td>
            </tr>
            <tr bgcolor="#cceeff" style="page-break-inside: avoid;">
              <td valign="top" width="445" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 333.7pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt 10pt; TEXT-INDENT: -10pt; LINE-HEIGHT: 10pt"><font style="FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman" size="1">Deferred
                  income taxes, net</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="62" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 46.5pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman" size="1">124,033</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="62" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 46.5pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman" size="1">&#8212;</font></div>
              </td>
              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 4.65pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt">&#160;</div>
              </td>
            </tr>
            <tr style="page-break-inside: avoid;">
              <td valign="top" width="445" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 333.7pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt 10pt; TEXT-INDENT: -10pt; LINE-HEIGHT: 10pt"><font style="FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman" size="1">Notes
                  receivable, less current portion</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="62" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 46.5pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman" size="1">7,844</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="62" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 46.5pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman" size="1">8,313</font></div>
              </td>
              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 4.65pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt">&#160;</div>
              </td>
            </tr>
            <tr bgcolor="#cceeff" style="page-break-inside: avoid;">
              <td valign="top" width="445" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 333.7pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt 10pt; TEXT-INDENT: -10pt; LINE-HEIGHT: 10pt"><font style="FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman" size="1">Other
                  assets</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="62" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0in; padding-bottom: 0in; border-left: medium none; width: 46.5pt; padding-top: 0in; border-bottom: windowtext 1pt solid;">
                <div style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman" size="1">5,909</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="62" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0in; padding-bottom: 0in; border-left: medium none; width: 46.5pt; padding-top: 0in; border-bottom: windowtext 1pt solid;">
                <div style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman" size="1">6,858</font></div>
              </td>
              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 4.65pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt">&#160;</div>
              </td>
            </tr>
            <tr style="page-break-inside: avoid;">
              <td valign="top" width="445" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 333.7pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt 30pt; TEXT-INDENT: -10pt; LINE-HEIGHT: 10pt"><font style="FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman" size="1">Total
                  assets</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt">&#160;</div>
              </td>
              <td valign="bottom" width="5" style="border-right: medium none; padding-right: 0in; border-top: medium none; padding-left: 0in; padding-bottom: 0in; border-left: medium none; width: 4pt; padding-top: 0in; border-bottom: windowtext 2.25pt double;">
                <div style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt; TEXT-ALIGN: left" align="left"><font style="FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman" size="1">$</font></div>
              </td>
              <td valign="bottom" width="57" style="border-right: medium none; padding-right: 0.7pt; border-top: windowtext 1pt solid; padding-left: 0in; padding-bottom: 0in; border-left: medium none; width: 42.5pt; padding-top: 0in; border-bottom: windowtext 2.25pt double;">
                <div style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman" size="1">1,839,836</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="5" style="border-right: medium none; padding-right: 0in; border-top: medium none; padding-left: 0in; padding-bottom: 0in; border-left: medium none; width: 4pt; padding-top: 0in; border-bottom: windowtext 2.25pt double;">
                <div style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt; TEXT-ALIGN: left" align="left"><font style="FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman" size="1">$</font></div>
              </td>
              <td valign="bottom" width="57" style="border-right: medium none; padding-right: 0.7pt; border-top: windowtext 1pt solid; padding-left: 0in; padding-bottom: 0in; border-left: medium none; width: 42.5pt; padding-top: 0in; border-bottom: windowtext 2.25pt double;">
                <div style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman" size="1">1,343,415</font></div>
              </td>
              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 4.65pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
            </tr>
            <tr bgcolor="#cceeff" style="page-break-inside: avoid;">
              <td valign="top" width="445" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 333.7pt; padding-top: 0in;">
                <div style="MARGIN: 6pt 0in 0pt 10pt; TEXT-INDENT: -10pt; LINE-HEIGHT: 10pt; TEXT-ALIGN: center" align="center"><strong><font style="FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman" size="1">LIABILITIES
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              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 6pt 0in 0pt; LINE-HEIGHT: 10pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="62" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 46.5pt; padding-top: 0in;">
                <div style="MARGIN: 6pt 0in 0pt; LINE-HEIGHT: 10pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 6pt 0in 0pt; LINE-HEIGHT: 10pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="62" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 46.5pt; padding-top: 0in;">
                <div style="MARGIN: 6pt 0in 0pt; LINE-HEIGHT: 10pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 4.65pt; padding-top: 0in;">
                <div style="MARGIN: 6pt 0in 0pt; LINE-HEIGHT: 10pt">&#160;</div>
              </td>
            </tr>
            <tr style="page-break-inside: avoid;">
              <td valign="top" width="445" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 333.7pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt 10pt; TEXT-INDENT: -10pt; LINE-HEIGHT: 10pt"><font style="FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman" size="1">Current
                  liabilities:</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="62" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 46.5pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="62" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 46.5pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt; TEXT-ALIGN: right">&#160;</div>
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              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 4.65pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt">&#160;</div>
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              <td valign="top" width="445" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 333.7pt; padding-top: 0in;">
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt">&#160;</div>
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              <td valign="bottom" width="5" style="padding-right: 0in; padding-left: 0in; padding-bottom: 0in; width: 4pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt; TEXT-ALIGN: left" align="left"><font style="FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman" size="1">$</font></div>
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              <td valign="bottom" width="57" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 42.5pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman" size="1">26,421</font></div>
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right">&#160;</div>
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              <td valign="bottom" width="5" style="padding-right: 0in; padding-left: 0in; padding-bottom: 0in; width: 4pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt; TEXT-ALIGN: left" align="left"><font style="FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman" size="1">$</font></div>
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              <td valign="bottom" width="57" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 42.5pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman" size="1">35,530</font></div>
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              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 4.65pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right">&#160;</div>
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            </tr>
            <tr style="page-break-inside: avoid;">
              <td valign="top" width="445" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 333.7pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt 20pt; TEXT-INDENT: -10pt; LINE-HEIGHT: 10pt"><font style="FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman" size="1">Accrued
                  expenses (including $21,705 and $11,427 due BMS at December&#160;31, 2006
                  and 2005, respectively)</font></div>
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="62" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 46.5pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman" size="1">69,080</font></div>
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="62" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 46.5pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman" size="1">60,934</font></div>
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              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 4.65pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt">&#160;</div>
              </td>
            </tr>
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              <td valign="top" width="445" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 333.7pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt 20pt; TEXT-INDENT: -10pt; LINE-HEIGHT: 10pt"><font style="FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman" size="1">Withholding
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="62" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 46.5pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman" size="1">&#8212;</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="62" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 46.5pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman" size="1">32,000</font></div>
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              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 4.65pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt">&#160;</div>
              </td>
            </tr>
            <tr style="page-break-inside: avoid;">
              <td valign="top" width="445" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 333.7pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt 20pt; TEXT-INDENT: -10pt; LINE-HEIGHT: 10pt"><font style="FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman" size="1">Current
                  portion of deferred revenue</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="62" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 46.5pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman" size="1">142,013</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="62" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 46.5pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman" size="1">112,624</font></div>
              </td>
              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 4.65pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt">&#160;</div>
              </td>
            </tr>
            <tr bgcolor="#cceeff" style="page-break-inside: avoid;">
              <td valign="top" width="445" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 333.7pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt 20pt; TEXT-INDENT: -10pt; LINE-HEIGHT: 10pt"><font style="FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman" size="1">Other
                  current
                  liabilities</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="62" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0in; padding-bottom: 0in; border-left: medium none; width: 46.5pt; padding-top: 0in; border-bottom: windowtext 1pt solid;">
                <div style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman" size="1">1,418</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="62" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0in; padding-bottom: 0in; border-left: medium none; width: 46.5pt; padding-top: 0in; border-bottom: windowtext 1pt solid;">
                <div style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman" size="1">1,031</font></div>
              </td>
              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 4.65pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt">&#160;</div>
              </td>
            </tr>
            <tr style="page-break-inside: avoid;">
              <td valign="top" width="445" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 333.7pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt 30pt; TEXT-INDENT: -10pt; LINE-HEIGHT: 10pt"><font style="FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman" size="1">Total
                  current
                  liabilities</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="62" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0in; padding-bottom: 0in; border-left: medium none; width: 46.5pt; padding-top: 0in; border-bottom: windowtext 1pt solid;">
                <div style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman" size="1">238,932</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="62" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0in; padding-bottom: 0in; border-left: medium none; width: 46.5pt; padding-top: 0in; border-bottom: windowtext 1pt solid;">
                <div style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman" size="1">242,119</font></div>
              </td>
              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 4.65pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt">&#160;</div>
              </td>
            </tr>
            <tr bgcolor="#cceeff" style="page-break-inside: avoid;">
              <td valign="top" width="445" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 333.7pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt 10pt; TEXT-INDENT: -10pt; LINE-HEIGHT: 10pt"><font style="FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman" size="1">Deferred
                  revenue, less current portion</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="62" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 46.5pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman" size="1">237,864</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="62" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 46.5pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman" size="1">246,401</font></div>
              </td>
              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 4.65pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt">&#160;</div>
              </td>
            </tr>
            <tr style="page-break-inside: avoid;">
              <td valign="top" width="445" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 333.7pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt 10pt; TEXT-INDENT: -10pt; LINE-HEIGHT: 10pt"><font style="FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman" size="1">Long-term
                  debt</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="62" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 46.5pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman" size="1">600,000</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="62" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 46.5pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman" size="1">600,000</font></div>
              </td>
              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 4.65pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt">&#160;</div>
              </td>
            </tr>
            <tr bgcolor="#cceeff" style="page-break-inside: avoid;">
              <td valign="top" width="445" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 333.7pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt 10pt; TEXT-INDENT: -10pt; LINE-HEIGHT: 10pt"><font style="FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman" size="1">Share-based
                  compensation, less current portion</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="62" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 46.5pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman" size="1">261</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="62" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 46.5pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman" size="1">&#8212;</font></div>
              </td>
              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 4.65pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt">&#160;</div>
              </td>
            </tr>
            <tr style="page-break-inside: avoid;">
              <td valign="top" width="445" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 333.7pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt 10pt; TEXT-INDENT: -10pt; LINE-HEIGHT: 10pt"><font style="FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman" size="1">Deferred
                  rent,
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              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="62" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0in; padding-bottom: 0in; border-left: medium none; width: 46.5pt; padding-top: 0in; border-bottom: windowtext 1pt solid;">
                <div style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman" size="1">3,130</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="62" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0in; padding-bottom: 0in; border-left: medium none; width: 46.5pt; padding-top: 0in; border-bottom: windowtext 1pt solid;">
                <div style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman" size="1">2,491</font></div>
              </td>
              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 4.65pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt">&#160;</div>
              </td>
            </tr>
            <tr bgcolor="#cceeff" style="page-break-inside: avoid;">
              <td valign="top" width="445" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 333.7pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt 30pt; TEXT-INDENT: -10pt; LINE-HEIGHT: 10pt"><font style="FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman" size="1">Total
                  liabilities</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="62" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0in; padding-bottom: 0in; border-left: medium none; width: 46.5pt; padding-top: 0in; border-bottom: windowtext 1pt solid;">
                <div style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman" size="1">1,080,187</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="62" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0in; padding-bottom: 0in; border-left: medium none; width: 46.5pt; padding-top: 0in; border-bottom: windowtext 1pt solid;">
                <div style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman" size="1">1,091,011</font></div>
              </td>
              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 4.65pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt">&#160;</div>
              </td>
            </tr>
            <tr style="page-break-inside: avoid;">
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                <div style="MARGIN: 6pt 0in 0pt; LINE-HEIGHT: 10pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="62" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 46.5pt; padding-top: 0in;">
                <div style="MARGIN: 6pt 0in 0pt; LINE-HEIGHT: 10pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 6pt 0in 0pt; LINE-HEIGHT: 10pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="62" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 46.5pt; padding-top: 0in;">
                <div style="MARGIN: 6pt 0in 0pt; LINE-HEIGHT: 10pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 4.65pt; padding-top: 0in;">
                <div style="MARGIN: 6pt 0in 0pt; LINE-HEIGHT: 10pt">&#160;</div>
              </td>
            </tr>
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              <td valign="top" width="445" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 333.7pt; padding-top: 0in;">
                <div style="MARGIN: 6pt 0in 0pt 10pt; TEXT-INDENT: -10pt; LINE-HEIGHT: 10pt"><font style="FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman" size="1">Stockholders&#8217;
                  equity:</font></div>
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                <div style="MARGIN: 6pt 0in 0pt; LINE-HEIGHT: 10pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="62" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 46.5pt; padding-top: 0in;">
                <div style="MARGIN: 6pt 0in 0pt; LINE-HEIGHT: 10pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 6pt 0in 0pt; LINE-HEIGHT: 10pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="62" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 46.5pt; padding-top: 0in;">
                <div style="MARGIN: 6pt 0in 0pt; LINE-HEIGHT: 10pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 4.65pt; padding-top: 0in;">
                <div style="MARGIN: 6pt 0in 0pt; LINE-HEIGHT: 10pt">&#160;</div>
              </td>
            </tr>
            <tr style="page-break-inside: avoid;">
              <td valign="top" width="445" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 333.7pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt 20pt; TEXT-INDENT: -10pt; LINE-HEIGHT: 10pt"><font style="FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman" size="1">Preferred
                  stock, $1.00 par value; authorized 4,000,000 shares; reserved
                  1,200,000&#160;series&#160;B participating cumulative preferred stock,
                  none issued or outstanding</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="62" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 46.5pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman" size="1">&#8212;</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="62" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 46.5pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman" size="1">&#8212;</font></div>
              </td>
              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 4.65pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt">&#160;</div>
              </td>
            </tr>
            <tr bgcolor="#cceeff" style="page-break-inside: avoid;">
              <td valign="top" width="445" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 333.7pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt 20pt; TEXT-INDENT: -10pt; LINE-HEIGHT: 10pt"><font style="FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman" size="1">Common
                  stock,
                  $0.001 par value; authorized 200,000,000 shares; issued
                  86,143,604&#160;and 84,412,408 at December&#160;31, 2006 and 2005,
                  respectively; outstanding 85,138,930 and 83,407,734 at December&#160;31,
                  2006 and 2005, respectively</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="62" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 46.5pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman" size="1">86</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="62" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 46.5pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman" size="1">84</font></div>
              </td>
              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 4.65pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt">&#160;</div>
              </td>
            </tr>
            <tr style="page-break-inside: avoid;">
              <td valign="top" width="445" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 333.7pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt 20pt; TEXT-INDENT: -10pt; LINE-HEIGHT: 10pt"><font style="FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman" size="1">Additional
                  paid-in capital</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="62" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 46.5pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman" size="1">865,560</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="62" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 46.5pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman" size="1">733,069</font></div>
              </td>
              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 4.65pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt">&#160;</div>
              </td>
            </tr>
            <tr bgcolor="#cceeff" style="page-break-inside: avoid;">
              <td valign="top" width="445" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 333.7pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt 20pt; TEXT-INDENT: -10pt; LINE-HEIGHT: 10pt"><font style="FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman" size="1">Accumulated
                  deficit</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="62" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 46.5pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman" size="1">(71,785</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt"><font style="FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman" size="1">)</font></div>
              </td>
              <td colspan="2" valign="bottom" width="62" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 46.5pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman" size="1">(442,459</font></div>
              </td>
              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 4.65pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt"><font style="FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman" size="1">)</font></div>
              </td>
            </tr>
            <tr style="page-break-inside: avoid;">
              <td valign="top" width="445" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 333.7pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt 20pt; TEXT-INDENT: -10pt; LINE-HEIGHT: 10pt"><font style="FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman" size="1">Treasury
                  stock, at cost; 1,004,674 shares at December&#160;31, 2006 and
                  2005</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="62" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 46.5pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman" size="1">(29,149</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt"><font style="FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman" size="1">)</font></div>
              </td>
              <td colspan="2" valign="bottom" width="62" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 46.5pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman" size="1">(29,149</font></div>
              </td>
              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 4.65pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt"><font style="FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman" size="1">)</font></div>
              </td>
            </tr>
            <tr bgcolor="#cceeff" style="page-break-inside: avoid;">
              <td valign="top" width="445" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 333.7pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt 20pt; TEXT-INDENT: -10pt; LINE-HEIGHT: 10pt"><font style="FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman" size="1">Accumulated
                  other comprehensive loss:</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="62" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 46.5pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="62" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 46.5pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 4.65pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt">&#160;</div>
              </td>
            </tr>
            <tr style="page-break-inside: avoid;">
              <td valign="top" width="445" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 333.7pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt 30pt; TEXT-INDENT: -10pt; LINE-HEIGHT: 10pt"><font style="FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman" size="1">Net
                  unrealized
                  loss on securities available for sale</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="62" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0in; padding-bottom: 0in; border-left: medium none; width: 46.5pt; padding-top: 0in; border-bottom: windowtext 1pt solid;">
                <div style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman" size="1">(5,063</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0.375pt; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt"><font style="FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman" size="1">)</font></div>
              </td>
              <td colspan="2" valign="bottom" width="62" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0in; padding-bottom: 0in; border-left: medium none; width: 46.5pt; padding-top: 0in; border-bottom: windowtext 1pt solid;">
                <div style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman" size="1">(9,141</font></div>
              </td>
              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0.375pt; width: 4.65pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt"><font style="FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman" size="1">)</font></div>
              </td>
            </tr>
            <tr bgcolor="#cceeff" style="page-break-inside: avoid;">
              <td valign="top" width="445" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 333.7pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt 40pt; TEXT-INDENT: -10pt; LINE-HEIGHT: 10pt"><font style="FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman" size="1">Total
                  stockholders&#8217; equity</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="62" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0in; padding-bottom: 0in; border-left: medium none; width: 46.5pt; padding-top: 0in; border-bottom: windowtext 1pt solid;">
                <div style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman" size="1">759,649</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="62" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0in; padding-bottom: 0in; border-left: medium none; width: 46.5pt; padding-top: 0in; border-bottom: windowtext 1pt solid;">
                <div style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman" size="1">252,404</font></div>
              </td>
              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 4.65pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt">&#160;</div>
              </td>
            </tr>
            <tr style="page-break-inside: avoid;">
              <td valign="top" width="445" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 333.7pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt 50pt; TEXT-INDENT: -10pt; LINE-HEIGHT: 10pt"><font style="FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman" size="1">Total
                  liabilities and stockholders&#8217; equity</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt">&#160;</div>
              </td>
              <td valign="bottom" width="5" style="border-right: medium none; padding-right: 0in; border-top: medium none; padding-left: 0in; padding-bottom: 0in; border-left: medium none; width: 4pt; padding-top: 0in; border-bottom: windowtext 2.25pt double;">
                <div style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt; TEXT-ALIGN: left" align="left"><font style="FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman" size="1">$</font></div>
              </td>
              <td valign="bottom" width="57" style="border-right: medium none; padding-right: 0.7pt; border-top: windowtext 1pt solid; padding-left: 0in; padding-bottom: 0in; border-left: medium none; width: 42.5pt; padding-top: 0in; border-bottom: windowtext 2.25pt double;">
                <div style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman" size="1">1,839,836</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="5" style="border-right: medium none; padding-right: 0in; border-top: medium none; padding-left: 0in; padding-bottom: 0in; border-left: medium none; width: 4pt; padding-top: 0in; border-bottom: windowtext 2.25pt double;">
                <div style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt; TEXT-ALIGN: left" align="left"><font style="FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman" size="1">$</font></div>
              </td>
              <td valign="bottom" width="57" style="border-right: medium none; padding-right: 0.7pt; border-top: windowtext 1pt solid; padding-left: 0in; padding-bottom: 0in; border-left: medium none; width: 42.5pt; padding-top: 0in; border-bottom: windowtext 2.25pt double;">
                <div style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman" size="1">1,343,415</font></div>
              </td>
              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 4.65pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
            </tr>

        </table>
      </div>
      <div style="MARGIN: 0in 0in 11pt; LINE-HEIGHT: 1pt">&#160;</div>
      <div style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">See
        accompanying
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                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
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                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
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                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
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                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
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                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
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                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
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              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 4.65pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
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              <td valign="top" width="397" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 298.05pt; padding-top: 0pt;">
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                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="7" style="padding-right: 0pt; padding-left: 0pt; padding-bottom: 0pt; width: 5pt; padding-top: 0pt;">
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              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 4.65pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
            </tr>
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              <td valign="top" width="397" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 298.05pt; padding-top: 0pt;">
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                <div style="MARGIN: 0pt">&#160;</div>
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                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">232,269</font></div>
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                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">97,239</font></div>
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
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                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">129,386</font></div>
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                <div style="MARGIN: 0pt">&#160;</div>
              </td>
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              <td valign="top" width="397" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 298.05pt; padding-top: 0pt;">
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              <td colspan="2" valign="bottom" width="52" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 39pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">86,476</font></div>
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
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              <td colspan="2" valign="bottom" width="52" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 39pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">44,090</font></div>
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="52" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 39pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">99,041</font></div>
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              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 4.65pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
            </tr>
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              <td valign="top" width="397" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 298.05pt; padding-top: 0pt;">
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
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              <td colspan="2" valign="bottom" width="52" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 39pt; padding-top: 0pt; border-bottom: windowtext 1pt solid;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">68,503</font></div>
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="52" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 39pt; padding-top: 0pt; border-bottom: windowtext 1pt solid;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">64,904</font></div>
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="52" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 39pt; padding-top: 0pt; border-bottom: windowtext 1pt solid;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">53,989</font></div>
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              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 4.65pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
            </tr>
            <tr style="page-break-inside: avoid;">
              <td valign="top" width="397" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 298.05pt; padding-top: 0pt;">
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="52" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 39pt; padding-top: 0pt; border-bottom: windowtext 1pt solid;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">677,847</font></div>
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="52" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 39pt; padding-top: 0pt; border-bottom: windowtext 1pt solid;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">383,673</font></div>
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="52" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 39pt; padding-top: 0pt; border-bottom: windowtext 1pt solid;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">388,690</font></div>
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              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 4.65pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
            </tr>
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              <td valign="top" width="397" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 298.05pt; padding-top: 0pt;">
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                  expenses:</font></div>
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 6pt 0pt 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="52" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 39pt; padding-top: 0pt;">
                <div style="MARGIN: 6pt 0pt 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 6pt 0pt 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="52" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 39pt; padding-top: 0pt;">
                <div style="MARGIN: 6pt 0pt 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 6pt 0pt 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="52" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 39pt; padding-top: 0pt;">
                <div style="MARGIN: 6pt 0pt 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 4.65pt; padding-top: 0pt;">
                <div style="MARGIN: 6pt 0pt 0pt">&#160;</div>
              </td>
            </tr>
            <tr style="page-break-inside: avoid;">
              <td valign="top" width="397" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 298.05pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt 0pt 0pt 20pt; TEXT-INDENT: -10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Research
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              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
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                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">99,303</font></div>
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                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">50,136</font></div>
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                <div style="MARGIN: 0pt">&#160;</div>
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              <td valign="top" width="397" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 298.05pt; padding-top: 0pt;">
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              <td colspan="2" valign="bottom" width="52" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 39pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">72,334</font></div>
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                <div style="MARGIN: 0pt">&#160;</div>
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              <td valign="top" width="397" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 298.05pt; padding-top: 0pt;">
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              <td colspan="2" valign="bottom" width="52" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 39pt; padding-top: 0pt;">
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
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              <td colspan="2" valign="bottom" width="52" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 39pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">58,376</font></div>
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              <td colspan="2" valign="bottom" width="52" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 39pt; padding-top: 0pt;">
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                <div style="MARGIN: 0pt">&#160;</div>
              </td>
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            <tr style="page-break-inside: avoid;">
              <td valign="top" width="397" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 298.05pt; padding-top: 0pt;">
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                <div style="MARGIN: 0pt">&#160;</div>
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              <td colspan="2" valign="bottom" width="52" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 39pt; padding-top: 0pt;">
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
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              <td colspan="2" valign="bottom" width="52" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 39pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">&#8212;</font></div>
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
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              <td colspan="2" valign="bottom" width="52" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 39pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">55,363</font></div>
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              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 4.65pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
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            <tr bgcolor="#cceeff" style="page-break-inside: avoid;">
              <td valign="top" width="397" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 298.05pt; padding-top: 0pt;">
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                <div style="MARGIN: 0pt">&#160;</div>
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              <td colspan="2" valign="bottom" width="52" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 39pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">76,063</font></div>
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
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              <td colspan="2" valign="bottom" width="52" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 39pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">16,367</font></div>
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="52" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 39pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">1,099</font></div>
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                <div style="MARGIN: 0pt">&#160;</div>
              </td>
            </tr>
            <tr style="page-break-inside: avoid;">
              <td valign="top" width="397" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 298.05pt; padding-top: 0pt;">
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="52" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 39pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">&#8212;</font></div>
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="52" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 39pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">6,200</font></div>
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="52" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 39pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">&#8212;</font></div>
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              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 4.65pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
            </tr>
            <tr bgcolor="#cceeff" style="page-break-inside: avoid;">
              <td valign="top" width="397" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 298.05pt; padding-top: 0pt;">
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="52" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 39pt; padding-top: 0pt; border-bottom: windowtext 1pt solid;">
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0.375pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">)</font></div>
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              <td colspan="2" valign="bottom" width="52" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 39pt; padding-top: 0pt; border-bottom: windowtext 1pt solid;">
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="52" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 39pt; padding-top: 0pt; border-bottom: windowtext 1pt solid;">
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              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0.375pt; width: 4.65pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">)</font></div>
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            <tr style="page-break-inside: avoid;">
              <td valign="top" width="397" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 298.05pt; padding-top: 0pt;">
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              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="52" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 39pt; padding-top: 0pt; border-bottom: windowtext 1pt solid;">
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="52" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 39pt; padding-top: 0pt; border-bottom: windowtext 1pt solid;">
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              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="52" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 39pt; padding-top: 0pt; border-bottom: windowtext 1pt solid;">
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              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 4.65pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
            </tr>
            <tr bgcolor="#cceeff" style="page-break-inside: avoid;">
              <td valign="top" width="397" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 298.05pt; padding-top: 0pt;">
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              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="52" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 39pt; padding-top: 0pt; border-bottom: windowtext 1pt solid;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">289,225</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="52" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 39pt; padding-top: 0pt; border-bottom: windowtext 1pt solid;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">66,779</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="52" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 39pt; padding-top: 0pt; border-bottom: windowtext 1pt solid;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">125,266</font></div>
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              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 4.65pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
            </tr>
            <tr style="page-break-inside: avoid;">
              <td valign="top" width="397" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 298.05pt; padding-top: 0pt;">
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              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 6pt 0pt 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="52" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 39pt; padding-top: 0pt;">
                <div style="MARGIN: 6pt 0pt 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 6pt 0pt 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="52" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 39pt; padding-top: 0pt;">
                <div style="MARGIN: 6pt 0pt 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 6pt 0pt 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="52" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 39pt; padding-top: 0pt;">
                <div style="MARGIN: 6pt 0pt 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 4.65pt; padding-top: 0pt;">
                <div style="MARGIN: 6pt 0pt 0pt">&#160;</div>
              </td>
            </tr>
            <tr bgcolor="#cceeff" style="page-break-inside: avoid;">
              <td valign="top" width="397" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 298.05pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt 0pt 0pt 20pt; TEXT-INDENT: -10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Interest
                  income</font></div>
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="52" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 39pt; padding-top: 0pt;">
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">)</font></div>
              </td>
              <td colspan="2" valign="bottom" width="52" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 39pt; padding-top: 0pt;">
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">)</font></div>
              </td>
              <td colspan="2" valign="bottom" width="52" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 39pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">(14,049</font></div>
              </td>
              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 4.65pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">)</font></div>
              </td>
            </tr>
            <tr style="page-break-inside: avoid;">
              <td valign="top" width="397" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 298.05pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt 0pt 0pt 20pt; TEXT-INDENT: -10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Interest
                  expense</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="52" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 39pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">9,323</font></div>
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="52" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 39pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">6,569</font></div>
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="52" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 39pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">8,432</font></div>
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              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 4.65pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
            </tr>
            <tr bgcolor="#cceeff" style="page-break-inside: avoid;">
              <td valign="top" width="397" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 298.05pt; padding-top: 0pt;">
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              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="52" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 39pt; padding-top: 0pt; border-bottom: windowtext 1pt solid;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">&#8212;</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="52" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 39pt; padding-top: 0pt; border-bottom: windowtext 1pt solid;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">13</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="52" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 39pt; padding-top: 0pt; border-bottom: windowtext 1pt solid;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">(131</font></div>
              </td>
              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0.375pt; width: 4.65pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">)</font></div>
              </td>
            </tr>
            <tr style="page-break-inside: avoid;">
              <td valign="top" width="397" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 298.05pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt 0pt 0pt 30pt; TEXT-INDENT: -10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Other
                  income,
                  net</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="52" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 39pt; padding-top: 0pt; border-bottom: windowtext 1pt solid;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">(31,095</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0.375pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">)</font></div>
              </td>
              <td colspan="2" valign="bottom" width="52" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 39pt; padding-top: 0pt; border-bottom: windowtext 1pt solid;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">(21,295</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0.375pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">)</font></div>
              </td>
              <td colspan="2" valign="bottom" width="52" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 39pt; padding-top: 0pt; border-bottom: windowtext 1pt solid;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">(5,748</font></div>
              </td>
              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0.375pt; width: 4.65pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">)</font></div>
              </td>
            </tr>
            <tr bgcolor="#cceeff" style="page-break-inside: avoid;">
              <td valign="top" width="397" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 298.05pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt 0pt 0pt 30pt; TEXT-INDENT: -10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Income
                  before
                  income taxes</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="52" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 39pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">320,320</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="52" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 39pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">88,074</font></div>
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="52" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 39pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">131,014</font></div>
              </td>
              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 4.65pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
            </tr>
            <tr style="page-break-inside: avoid;">
              <td valign="top" width="397" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 298.05pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt 0pt 0pt 30pt; TEXT-INDENT: -10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">(Benefit)
                  provision for income taxes</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="52" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 39pt; padding-top: 0pt; border-bottom: windowtext 1pt solid;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">(50,354</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0.375pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">)</font></div>
              </td>
              <td colspan="2" valign="bottom" width="52" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 39pt; padding-top: 0pt; border-bottom: windowtext 1pt solid;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">1,578</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="52" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 39pt; padding-top: 0pt; border-bottom: windowtext 1pt solid;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">17,361</font></div>
              </td>
              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 4.65pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
            </tr>
            <tr bgcolor="#cceeff" style="page-break-inside: avoid;">
              <td valign="top" width="397" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 298.05pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt 0pt 0pt 30pt; TEXT-INDENT: -10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Net
                  income</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="7" style="border-right: medium none; padding-right: 0pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 5pt; padding-top: 0pt; border-bottom: windowtext 2.25pt double;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: left" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">$</font></div>
              </td>
              <td valign="bottom" width="45" style="border-right: medium none; padding-right: 0.7pt; border-top: windowtext 1pt solid; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 34pt; padding-top: 0pt; border-bottom: windowtext 2.25pt double;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">370,674</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="7" style="border-right: medium none; padding-right: 0pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 5pt; padding-top: 0pt; border-bottom: windowtext 2.25pt double;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: left" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">$</font></div>
              </td>
              <td valign="bottom" width="45" style="border-right: medium none; padding-right: 0.7pt; border-top: windowtext 1pt solid; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 34pt; padding-top: 0pt; border-bottom: windowtext 2.25pt double;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">86,496</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="7" style="border-right: medium none; padding-right: 0pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 5pt; padding-top: 0pt; border-bottom: windowtext 2.25pt double;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: left" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">$</font></div>
              </td>
              <td valign="bottom" width="45" style="border-right: medium none; padding-right: 0.7pt; border-top: windowtext 1pt solid; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 34pt; padding-top: 0pt; border-bottom: windowtext 2.25pt double;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">113,653</font></div>
              </td>
              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 4.65pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
            </tr>
            <tr style="page-break-inside: avoid;">
              <td valign="top" width="397" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 298.05pt; padding-top: 0pt;">
                <div style="MARGIN: 6pt 0pt 0pt 10pt; TEXT-INDENT: -10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Income
                  per
                  common share:</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 6pt 0pt 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="52" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 39pt; padding-top: 0pt;">
                <div style="MARGIN: 6pt 0pt 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 6pt 0pt 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="52" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 39pt; padding-top: 0pt;">
                <div style="MARGIN: 6pt 0pt 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 6pt 0pt 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="52" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 39pt; padding-top: 0pt;">
                <div style="MARGIN: 6pt 0pt 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 4.65pt; padding-top: 0pt;">
                <div style="MARGIN: 6pt 0pt 0pt">&#160;</div>
              </td>
            </tr>
            <tr bgcolor="#cceeff" style="page-break-inside: avoid;">
              <td valign="top" width="397" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 298.05pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt 0pt 0pt 20pt; TEXT-INDENT: -10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Basic</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="7" style="border-right: medium none; padding-right: 0pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 5pt; padding-top: 0pt; border-bottom: windowtext 2.25pt double;">
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              <td valign="bottom" width="7" style="border-right: medium none; padding-right: 0pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 5pt; padding-top: 0pt; border-bottom: windowtext 2.25pt double;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: left" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">$</font></div>
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              <td valign="top" width="397" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 298.05pt; padding-top: 0pt;">
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              <td valign="top" width="397" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 298.05pt; padding-top: 0pt;">
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 6pt 0pt 0pt">&#160;</div>
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                <div style="MARGIN: 6pt 0pt 0pt; TEXT-ALIGN: right">&#160;</div>
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 6pt 0pt 0pt">&#160;</div>
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              <td colspan="2" valign="bottom" width="52" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 39pt; padding-top: 0pt;">
                <div style="MARGIN: 6pt 0pt 0pt; TEXT-ALIGN: right">&#160;</div>
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              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 4.65pt; padding-top: 0pt;">
                <div style="MARGIN: 6pt 0pt 0pt">&#160;</div>
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            <tr style="page-break-inside: avoid;">
              <td valign="top" width="397" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 298.05pt; padding-top: 0pt;">
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                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">84,235</font></div>
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                <div style="MARGIN: 0pt">&#160;</div>
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                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">83,582</font></div>
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                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">79,500</font></div>
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              <td valign="top" width="397" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 298.05pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt 0pt 0pt 20pt; TEXT-INDENT: -10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Diluted</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
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              <td colspan="2" valign="bottom" width="52" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 39pt; padding-top: 0pt; border-bottom: windowtext 2.25pt double;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">92,012</font></div>
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="52" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 39pt; padding-top: 0pt; border-bottom: windowtext 2.25pt double;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">92,183</font></div>
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
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              <td colspan="2" valign="bottom" width="52" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 39pt; padding-top: 0pt; border-bottom: windowtext 2.25pt double;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">91,193</font></div>
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        <div id="FTR">
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      <div style="FONT-WEIGHT: bold; MARGIN: 0pt 0pt 6pt; TEXT-ALIGN: center"><strong><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">IMCLONE
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      <div style="FONT-WEIGHT: bold; MARGIN: 0pt 0pt 6pt; TEXT-ALIGN: center"><strong><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">CONSOLIDATED
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      <div style="FONT-WEIGHT: bold; MARGIN: 0pt 0pt 6pt; TEXT-ALIGN: center"><strong><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Years
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                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 7pt; TEXT-ALIGN: center">&#160;</div>
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              <td valign="bottom" width="2" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 1.7pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 7pt; TEXT-ALIGN: center">&#160;</div>
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                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 7pt; TEXT-ALIGN: center">&#160;</div>
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                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 7pt; TEXT-ALIGN: center">&#160;</div>
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                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 7pt; TEXT-ALIGN: center">&#160;</div>
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              <td valign="bottom" width="3" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 2.6pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 7pt; TEXT-ALIGN: center">&#160;</div>
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                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 7pt; TEXT-ALIGN: center">&#160;</div>
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              <td valign="bottom" width="2" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 1.7pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 7pt; TEXT-ALIGN: center">&#160;</div>
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                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 7pt; TEXT-ALIGN: center">&#160;</div>
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              <td valign="bottom" width="2" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 1.7pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 7pt; TEXT-ALIGN: center">&#160;</div>
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                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 7pt; TEXT-ALIGN: center">&#160;</div>
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              <td valign="bottom" width="4" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 3.1pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 7pt; TEXT-ALIGN: center">&#160;</div>
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                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 7pt; TEXT-ALIGN: center">&#160;</div>
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              <td valign="bottom" width="5" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 3.6pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 7pt; TEXT-ALIGN: center">&#160;</div>
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                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 7pt; TEXT-ALIGN: center">&#160;</div>
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                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 7pt; TEXT-ALIGN: center"><strong><font style="FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman" size="1">Accumulated</font></strong></div>
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                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 7pt; TEXT-ALIGN: center">&#160;</div>
              </td>
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            <tr style="page-break-inside: avoid;">
              <td valign="bottom" width="276" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 207.2pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 7pt; TEXT-ALIGN: center">&#160;</div>
              </td>
              <td valign="bottom" width="2" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 1.7pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 7pt; TEXT-ALIGN: center">&#160;</div>
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              <td valign="bottom" width="9" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 6.8pt; padding-top: 0pt;">
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              <td valign="bottom" width="2" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 1.7pt; padding-top: 0pt;">
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              <td valign="bottom" width="4" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 3.1pt; padding-top: 0pt;">
                <div style="MARGIN: 2pt 0pt 0pt">&#160;</div>
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              <td valign="bottom" width="7" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 5.2pt; padding-top: 0pt;">
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              <td valign="bottom" width="4" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 3.25pt; padding-top: 0pt;">
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              <td valign="bottom" width="36" style="border-right: medium none; padding-right: 0.7pt; border-top: windowtext 1pt solid; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 26.95pt; padding-top: 0pt; border-bottom: windowtext 2.25pt double;">
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12.35pt; padding-top: 0pt;">
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              <td valign="bottom" width="31" style="border-right: medium none; padding-right: 0.7pt; border-top: windowtext 1pt solid; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 23.45pt; padding-top: 0pt; border-bottom: windowtext 2.25pt double;">
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              <td valign="bottom" width="5" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 3.4pt; padding-top: 0pt;">
                <div style="MARGIN: 2pt 0pt 0pt">&#160;</div>
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              <td valign="bottom" width="41" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 30.45pt; padding-top: 0pt; border-bottom: windowtext 2.25pt double;">
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                <div style="MARGIN: 6pt 0pt 0pt; LINE-HEIGHT: 7pt">&#160;</div>
              </td>
              <td valign="bottom" width="9" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 6.9pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
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              <td valign="bottom" width="11" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 8.5pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="9" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 6.9pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="3" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 2.6pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="9" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 6.8pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="9" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 6.8pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="3" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 2.6pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="44" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 33pt; padding-top: 0pt;">
                <div style="MARGIN: 6pt 0pt 0pt; LINE-HEIGHT: 7pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman" size="1">3,522,003</font></div>
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              <td valign="bottom" width="2" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 1.7pt; padding-top: 0pt;">
                <div style="MARGIN: 6pt 0pt 0pt; LINE-HEIGHT: 7pt">&#160;</div>
              </td>
              <td valign="bottom" width="9" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 6.8pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman" size="1">4</font></div>
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              <td valign="bottom" width="9" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 6.8pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="2" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 1.7pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="4" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 3pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
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              <td valign="bottom" width="37" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 27.75pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman" size="1">78,056</font></div>
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              <td valign="bottom" width="5" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 3.5pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="4" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 3.1pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="7" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 5.2pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="41" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 30.45pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="7" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 5.2pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
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              <td valign="bottom" width="5" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 3.6pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="4" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 3.25pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="36" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 26.95pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="5" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 3.5pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="5" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 3.4pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12.35pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="31" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 23.45pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12.35pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="5" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 3.4pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="41" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 30.45pt; padding-top: 0pt;">
                <div style="MARGIN: 6pt 0pt 0pt; LINE-HEIGHT: 7pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman" size="1">78,060</font></div>
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                <div style="MARGIN: 6pt 0pt 0pt; LINE-HEIGHT: 7pt">&#160;</div>
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            </tr>
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              <td valign="top" width="276" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 207.2pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt 0pt 0pt 8pt; TEXT-INDENT: -8pt; LINE-HEIGHT: 7pt"><font style="FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman" size="1">Issuance
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              <td valign="bottom" width="2" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 1.7pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; LINE-HEIGHT: 7pt">&#160;</div>
              </td>
              <td valign="bottom" width="9" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 6.9pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="11" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 8.5pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="9" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 6.9pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="3" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 2.6pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="9" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 6.8pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="9" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 6.8pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="3" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 2.6pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="44" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 33pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; LINE-HEIGHT: 7pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman" size="1">4,356,468</font></div>
              </td>
              <td valign="bottom" width="2" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 1.7pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; LINE-HEIGHT: 7pt">&#160;</div>
              </td>
              <td valign="bottom" width="9" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 6.8pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
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              <td valign="bottom" width="9" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 6.8pt; padding-top: 0pt;">
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
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              <td valign="bottom" width="9" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 6.8pt; padding-top: 0pt;">
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              <td valign="bottom" width="2" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 1.7pt; padding-top: 0pt;">
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              <td valign="bottom" width="4" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 3pt; padding-top: 0pt;">
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              <td valign="bottom" width="4" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 3.1pt; padding-top: 0pt;">
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              <td valign="bottom" width="41" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 30.45pt; padding-top: 0pt;">
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              <td valign="bottom" width="7" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 5.2pt; padding-top: 0pt;">
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              <td valign="bottom" width="5" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 3.6pt; padding-top: 0pt;">
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              <td valign="bottom" width="4" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 3.25pt; padding-top: 0pt;">
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              <td valign="bottom" width="36" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 26.95pt; padding-top: 0pt;">
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              <td valign="bottom" width="5" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 3.5pt; padding-top: 0pt;">
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              <td valign="bottom" width="5" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 3.4pt; padding-top: 0pt;">
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12.35pt; padding-top: 0pt;">
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              <td valign="bottom" width="31" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 23.45pt; padding-top: 0pt;">
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12.35pt; padding-top: 0pt;">
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              <td valign="bottom" width="5" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 3.4pt; padding-top: 0pt;">
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              <td valign="bottom" width="41" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 30.45pt; padding-top: 0pt;">
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              <td valign="top" width="276" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 207.2pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt 0pt 0pt 8pt; TEXT-INDENT: -8pt; LINE-HEIGHT: 7pt"><font style="FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman" size="1">Treasury
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              <td valign="bottom" width="9" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 6.9pt; padding-top: 0pt;">
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              <td valign="bottom" width="11" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 8.5pt; padding-top: 0pt;">
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              <td valign="bottom" width="9" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 6.9pt; padding-top: 0pt;">
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              <td valign="bottom" width="3" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 2.6pt; padding-top: 0pt;">
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              <td valign="bottom" width="9" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 6.8pt; padding-top: 0pt;">
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
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              <td valign="bottom" width="9" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 6.8pt; padding-top: 0pt;">
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              <td valign="bottom" width="3" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 2.6pt; padding-top: 0pt;">
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              <td valign="bottom" width="44" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 33pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; LINE-HEIGHT: 7pt; TEXT-ALIGN: right">&#160;</div>
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              <td valign="bottom" width="2" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 1.7pt; padding-top: 0pt;">
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              <td valign="bottom" width="9" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 6.8pt; padding-top: 0pt;">
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
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              <td valign="bottom" width="9" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 6.8pt; padding-top: 0pt;">
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              <td valign="bottom" width="2" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 1.7pt; padding-top: 0pt;">
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              <td valign="bottom" width="4" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 3pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
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              <td valign="bottom" width="37" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 27.75pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
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              <td valign="bottom" width="5" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 3.5pt; padding-top: 0pt;">
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              <td valign="bottom" width="4" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 3.1pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="7" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 5.2pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
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              <td valign="bottom" width="41" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 30.45pt; padding-top: 0pt;">
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              <td valign="bottom" width="7" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 5.2pt; padding-top: 0pt;">
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              <td valign="bottom" width="5" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 3.6pt; padding-top: 0pt;">
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              <td valign="bottom" width="5" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 3.5pt; padding-top: 0pt;">
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              <td valign="bottom" width="5" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 3.4pt; padding-top: 0pt;">
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12.35pt; padding-top: 0pt;">
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              <td valign="bottom" width="31" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 23.45pt; padding-top: 0pt;">
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12.35pt; padding-top: 0pt;">
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              <td valign="bottom" width="5" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 3.4pt; padding-top: 0pt;">
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              <td valign="bottom" width="41" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 30.45pt; padding-top: 0pt;">
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              <td valign="bottom" width="9" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 6.9pt; padding-top: 0pt;">
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              <td valign="bottom" width="11" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 8.5pt; padding-top: 0pt;">
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              <td valign="bottom" width="9" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 6.9pt; padding-top: 0pt;">
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              <td valign="bottom" width="3" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 2.6pt; padding-top: 0pt;">
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              <td valign="bottom" width="9" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 6.8pt; padding-top: 0pt;">
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
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              <td valign="bottom" width="9" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 6.8pt; padding-top: 0pt;">
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              <td valign="bottom" width="3" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 2.6pt; padding-top: 0pt;">
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              <td valign="bottom" width="44" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 33pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; LINE-HEIGHT: 7pt; TEXT-ALIGN: right">&#160;</div>
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              <td valign="bottom" width="2" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 1.7pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; LINE-HEIGHT: 7pt">&#160;</div>
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              <td valign="bottom" width="9" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 6.8pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
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              <td valign="bottom" width="9" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 6.8pt; padding-top: 0pt;">
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              <td valign="bottom" width="2" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 1.7pt; padding-top: 0pt;">
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              <td valign="bottom" width="4" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 3pt; padding-top: 0pt;">
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              <td valign="bottom" width="37" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 27.75pt; padding-top: 0pt;">
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              <td valign="bottom" width="5" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 3.5pt; padding-top: 0pt;">
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              </td>
              <td valign="bottom" width="4" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 3.1pt; padding-top: 0pt;">
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              </td>
              <td valign="bottom" width="7" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 5.2pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="41" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 30.45pt; padding-top: 0pt;">
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              </td>
              <td valign="bottom" width="7" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 5.2pt; padding-top: 0pt;">
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              <td valign="bottom" width="5" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 3.6pt; padding-top: 0pt;">
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              </td>
              <td valign="bottom" width="4" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 3.25pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
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              <td valign="bottom" width="36" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 26.95pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
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              <td valign="bottom" width="5" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 3.5pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
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              <td valign="bottom" width="5" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 3.4pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12.35pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
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              <td valign="bottom" width="31" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 23.45pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12.35pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="5" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 3.4pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
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              <td valign="bottom" width="41" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 30.45pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; LINE-HEIGHT: 7pt; TEXT-ALIGN: right">&#160;</div>
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              <td valign="bottom" width="5" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 3.6pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; LINE-HEIGHT: 7pt">&#160;</div>
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            <tr style="page-break-inside: avoid;">
              <td valign="top" width="276" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 207.2pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt 0pt 0pt 8pt; TEXT-INDENT: -8pt; LINE-HEIGHT: 7pt"><font style="FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman" size="1">Net
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              <td valign="bottom" width="2" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 1.7pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; LINE-HEIGHT: 7pt">&#160;</div>
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              <td valign="bottom" width="9" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 6.9pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
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              <td valign="bottom" width="11" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 8.5pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
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              <td valign="bottom" width="9" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 6.9pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
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              <td valign="bottom" width="3" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 2.6pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
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              <td valign="bottom" width="9" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 6.8pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
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              <td valign="bottom" width="9" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 6.8pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
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              <td valign="bottom" width="3" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 2.6pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
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              <td valign="bottom" width="44" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 33pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; LINE-HEIGHT: 7pt; TEXT-ALIGN: right">&#160;</div>
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              <td valign="bottom" width="2" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 1.7pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; LINE-HEIGHT: 7pt">&#160;</div>
              </td>
              <td valign="bottom" width="9" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 6.8pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="9" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 6.8pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="2" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 1.7pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="4" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 3pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="37" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 27.75pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="5" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 3.5pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="4" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 3.1pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="7" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 5.2pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
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              <td valign="bottom" width="41" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 30.45pt; padding-top: 0pt;">
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                <div style="MARGIN: 0pt">&#160;</div>
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              <td valign="bottom" width="5" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 3.6pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="4" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 3.25pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
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              <td valign="bottom" width="36" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 26.95pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="5" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 3.5pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="5" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 3.4pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12.35pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
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              <td valign="bottom" width="31" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 23.45pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12.35pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="5" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 3.4pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
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              <td valign="bottom" width="41" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 30.45pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; LINE-HEIGHT: 7pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman" size="1">113,653</font></div>
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              <td valign="bottom" width="5" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 3.6pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; LINE-HEIGHT: 7pt">&#160;</div>
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            <tr bgcolor="#cceeff" style="page-break-inside: avoid;">
              <td valign="top" width="276" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 207.2pt; padding-top: 0pt;">
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                <div style="MARGIN: 0pt; LINE-HEIGHT: 7pt">&#160;</div>
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              <td valign="bottom" width="9" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 6.9pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
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              <td valign="bottom" width="11" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 8.5pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
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              <td valign="bottom" width="9" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 6.9pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="3" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 2.6pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="9" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 6.8pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="9" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 6.8pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="3" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 2.6pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="44" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 33pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; LINE-HEIGHT: 7pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="2" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 1.7pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; LINE-HEIGHT: 7pt">&#160;</div>
              </td>
              <td valign="bottom" width="9" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 6.8pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="9" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 6.8pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="2" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 1.7pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="4" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 3pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="37" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 27.75pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="5" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 3.5pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="4" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 3.1pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="7" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 5.2pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="41" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 30.45pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="7" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 5.2pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="5" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 3.6pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="4" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 3.25pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="36" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 26.95pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="5" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 3.5pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="5" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 3.4pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12.35pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="31" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 23.45pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12.35pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="5" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 3.4pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="41" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 30.45pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; LINE-HEIGHT: 7pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="5" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 3.6pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; LINE-HEIGHT: 7pt">&#160;</div>
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            <tr style="page-break-inside: avoid;">
              <td valign="top" width="276" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 207.2pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt 0pt 0pt 16pt; TEXT-INDENT: -8pt; LINE-HEIGHT: 7pt"><font style="FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman" size="1">Unrealized
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              <td valign="bottom" width="2" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 1.7pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; LINE-HEIGHT: 7pt">&#160;</div>
              </td>
              <td valign="bottom" width="9" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 6.9pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="11" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 8.5pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="9" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 6.9pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="3" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 2.6pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="9" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 6.8pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="9" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 6.8pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="3" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 2.6pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="44" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 33pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; LINE-HEIGHT: 7pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="2" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 1.7pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; LINE-HEIGHT: 7pt">&#160;</div>
              </td>
              <td valign="bottom" width="9" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 6.8pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="9" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 6.8pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="2" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 1.7pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="4" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 3pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="37" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 27.75pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="5" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 3.5pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="4" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 3.1pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="7" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 5.2pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="41" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 30.45pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="7" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 5.2pt; padding-top: 0pt;">
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              <td valign="bottom" width="4" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 3.25pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
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              <td valign="bottom" width="36" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 26.95pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
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              <td valign="bottom" width="5" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 3.5pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
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              <td valign="bottom" width="5" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 3.4pt; padding-top: 0pt;">
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12.35pt; padding-top: 0pt;">
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              <td valign="bottom" width="31" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 23.45pt; padding-top: 0pt;">
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              <td valign="bottom" width="41" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 30.45pt; padding-top: 0pt;">
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              <td valign="bottom" width="9" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 6.9pt; padding-top: 0pt;">
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              <td valign="bottom" width="11" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 8.5pt; padding-top: 0pt;">
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              <td valign="bottom" width="9" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 6.9pt; padding-top: 0pt;">
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              <td valign="bottom" width="3" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 2.6pt; padding-top: 0pt;">
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              <td valign="bottom" width="9" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 6.8pt; padding-top: 0pt;">
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
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              <td valign="bottom" width="9" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 6.8pt; padding-top: 0pt;">
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              <td valign="bottom" width="3" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 2.6pt; padding-top: 0pt;">
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              <td valign="bottom" width="44" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 33pt; padding-top: 0pt;">
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              <td valign="bottom" width="2" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 1.7pt; padding-top: 0pt;">
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              <td valign="bottom" width="9" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 6.8pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
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              <td valign="bottom" width="9" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 6.8pt; padding-top: 0pt;">
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              <td valign="bottom" width="2" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 1.7pt; padding-top: 0pt;">
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              <td valign="bottom" width="4" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 3pt; padding-top: 0pt;">
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              <td valign="bottom" width="37" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 27.75pt; padding-top: 0pt;">
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              <td valign="bottom" width="5" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 3.5pt; padding-top: 0pt;">
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              <td valign="bottom" width="4" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 3.1pt; padding-top: 0pt;">
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              <td valign="bottom" width="7" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 5.2pt; padding-top: 0pt;">
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              <td valign="bottom" width="41" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 30.45pt; padding-top: 0pt;">
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              <td valign="bottom" width="7" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 5.2pt; padding-top: 0pt;">
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              <td valign="bottom" width="5" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 3.6pt; padding-top: 0pt;">
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              <td valign="bottom" width="4" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 3.25pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
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              <td valign="bottom" width="36" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 26.95pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
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              <td valign="bottom" width="5" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 3.5pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
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              <td valign="bottom" width="5" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 3.4pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12.35pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
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              <td valign="bottom" width="31" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 23.45pt; padding-top: 0pt; border-bottom: windowtext 1pt solid;">
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                <div style="MARGIN: 0pt">&#160;</div>
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              <td valign="bottom" width="5" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 3.4pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
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              <td valign="bottom" width="41" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 30.45pt; padding-top: 0pt; border-bottom: windowtext 1pt solid;">
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                <div style="MARGIN: 0pt; LINE-HEIGHT: 7pt">&#160;</div>
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              <td valign="top" width="276" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 207.2pt; padding-top: 0pt;">
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                <div style="MARGIN: 0pt; LINE-HEIGHT: 7pt">&#160;</div>
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              <td valign="bottom" width="9" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 6.9pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
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              <td valign="bottom" width="11" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 8.5pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
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              <td valign="bottom" width="9" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 6.9pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
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              <td valign="bottom" width="3" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 2.6pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
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              <td valign="bottom" width="9" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 6.8pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
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              <td valign="bottom" width="9" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 6.8pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
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              <td valign="bottom" width="3" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 2.6pt; padding-top: 0pt;">
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              <td valign="bottom" width="44" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 33pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; LINE-HEIGHT: 7pt; TEXT-ALIGN: right">&#160;</div>
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              <td valign="bottom" width="2" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 1.7pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; LINE-HEIGHT: 7pt">&#160;</div>
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              <td valign="bottom" width="9" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 6.8pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
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              <td valign="bottom" width="9" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 6.8pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
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              <td valign="bottom" width="2" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 1.7pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
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              <td valign="bottom" width="4" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 3pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
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              <td valign="bottom" width="37" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 27.75pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
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              <td valign="bottom" width="5" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 3.5pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
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              <td valign="bottom" width="4" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 3.1pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="7" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 5.2pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
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              <td valign="bottom" width="41" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 30.45pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
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              <td valign="bottom" width="7" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 5.2pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
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              <td valign="bottom" width="5" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 3.6pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="4" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 3.25pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
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              <td valign="bottom" width="36" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 26.95pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
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              <td valign="bottom" width="5" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 3.5pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="5" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 3.4pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12.35pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
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              <td valign="bottom" width="31" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 23.45pt; padding-top: 0pt; border-bottom: medium none;">
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12.35pt; padding-top: 0pt;">
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              <td valign="bottom" width="5" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 3.4pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
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              <td valign="bottom" width="41" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 30.45pt; padding-top: 0pt; border-bottom: windowtext 1pt solid;">
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              <td valign="bottom" width="5" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0.375pt; width: 3.6pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; LINE-HEIGHT: 7pt"><font style="FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman" size="1">)</font></div>
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              <td valign="top" width="276" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 207.2pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt 0pt 0pt 8pt; TEXT-INDENT: -8pt; LINE-HEIGHT: 7pt"><font style="FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman" size="1">Comprehensive
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              <td valign="bottom" width="2" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 1.7pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; LINE-HEIGHT: 7pt">&#160;</div>
              </td>
              <td valign="bottom" width="9" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 6.9pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
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              <td valign="bottom" width="11" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 8.5pt; padding-top: 0pt; border-bottom: windowtext 1pt solid;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
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              <td valign="bottom" width="9" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 6.9pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="3" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 2.6pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="9" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 6.8pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
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              <td valign="bottom" width="16" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 12pt; padding-top: 0pt; border-bottom: windowtext 1pt solid;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="9" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 6.8pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="3" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 2.6pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="44" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 33pt; padding-top: 0pt; border-bottom: windowtext 1pt solid;">
                <div style="MARGIN: 0pt; LINE-HEIGHT: 7pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="2" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 1.7pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; LINE-HEIGHT: 7pt">&#160;</div>
              </td>
              <td valign="bottom" width="9" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 6.8pt; padding-top: 0pt;">
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                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman" size="1">(24,849</font></div>
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              <td valign="bottom" width="5" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 3.5pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt"><font style="FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman" size="1">)</font></div>
              </td>
              <td valign="bottom" width="5" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 3.4pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12.35pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="31" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 23.45pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12.35pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="5" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 3.4pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="41" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 30.45pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; LINE-HEIGHT: 7pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman" size="1">(24,849</font></div>
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              <td valign="bottom" width="5" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 3.6pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; LINE-HEIGHT: 7pt"><font style="FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman" size="1">)</font></div>
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              <td valign="top" width="276" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 207.2pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt 0pt 0pt 10pt; TEXT-INDENT: -10pt; LINE-HEIGHT: 7pt"><font style="FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman" size="1">Comprehensive
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              <td valign="bottom" width="2" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 1.7pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; LINE-HEIGHT: 7pt">&#160;</div>
              </td>
              <td valign="bottom" width="9" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 6.9pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="11" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 8.5pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="9" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 6.9pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="3" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 2.6pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="9" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 6.8pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="9" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 6.8pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="3" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 2.6pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="44" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 33pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; LINE-HEIGHT: 7pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="2" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 1.7pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; LINE-HEIGHT: 7pt">&#160;</div>
              </td>
              <td valign="bottom" width="9" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 6.8pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="9" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 6.8pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="2" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 1.7pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="4" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 3pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="37" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 27.75pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="5" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 3.5pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="4" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 3.1pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="7" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 5.2pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="41" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 30.45pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="7" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 5.2pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="5" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 3.6pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="4" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 3.25pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="36" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 26.95pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="5" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 3.5pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="5" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 3.4pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12.35pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="31" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 23.45pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12.35pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="5" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 3.4pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="41" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 30.45pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; LINE-HEIGHT: 7pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="5" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 3.6pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; LINE-HEIGHT: 7pt">&#160;</div>
              </td>
            </tr>
            <tr style="page-break-inside: avoid;">
              <td valign="top" width="276" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 207.2pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt 0pt 0pt 8pt; TEXT-INDENT: -8pt; LINE-HEIGHT: 7pt"><font style="FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman" size="1">Net
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              </td>
              <td valign="bottom" width="2" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 1.7pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; LINE-HEIGHT: 7pt">&#160;</div>
              </td>
              <td valign="bottom" width="9" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 6.9pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="11" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 8.5pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="9" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 6.9pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="3" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 2.6pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="9" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 6.8pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="9" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 6.8pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="3" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 2.6pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="44" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 33pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; LINE-HEIGHT: 7pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="2" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 1.7pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; LINE-HEIGHT: 7pt">&#160;</div>
              </td>
              <td valign="bottom" width="9" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 6.8pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="9" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 6.8pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="2" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 1.7pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="4" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 3pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="37" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 27.75pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="5" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 3.5pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="4" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 3.1pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="7" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 5.2pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="41" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 30.45pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman" size="1">86,496</font></div>
              </td>
              <td valign="bottom" width="7" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 5.2pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="5" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 3.6pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="4" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 3.25pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="36" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 26.95pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="5" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 3.5pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="5" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 3.4pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12.35pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="31" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 23.45pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12.35pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="5" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 3.4pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="41" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 30.45pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; LINE-HEIGHT: 7pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman" size="1">86,496</font></div>
              </td>
              <td valign="bottom" width="5" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 3.6pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; LINE-HEIGHT: 7pt">&#160;</div>
              </td>
            </tr>
            <tr bgcolor="#cceeff" style="page-break-inside: avoid;">
              <td valign="top" width="276" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 207.2pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt 0pt 0pt 10pt; TEXT-INDENT: -10pt; LINE-HEIGHT: 7pt"><font style="FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman" size="1">Other
                  comprehensive loss:</font></div>
              </td>
              <td valign="bottom" width="2" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 1.7pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; LINE-HEIGHT: 7pt">&#160;</div>
              </td>
              <td valign="bottom" width="9" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 6.9pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="11" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 8.5pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="9" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 6.9pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="3" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 2.6pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="9" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 6.8pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="9" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 6.8pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="3" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 2.6pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="44" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 33pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; LINE-HEIGHT: 7pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="2" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 1.7pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; LINE-HEIGHT: 7pt">&#160;</div>
              </td>
              <td valign="bottom" width="9" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 6.8pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="9" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 6.8pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="2" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 1.7pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="4" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 3pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="37" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 27.75pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="5" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 3.5pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="4" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 3.1pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
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              <td valign="bottom" width="41" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 30.45pt; padding-top: 0pt;">
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              <td valign="bottom" width="7" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 5.2pt; padding-top: 0pt;">
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              <td valign="bottom" width="5" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 3.6pt; padding-top: 0pt;">
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              <td valign="bottom" width="4" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 3.25pt; padding-top: 0pt;">
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              <td valign="bottom" width="36" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 26.95pt; padding-top: 0pt;">
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              <td valign="bottom" width="5" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 3.5pt; padding-top: 0pt;">
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              <td valign="bottom" width="5" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 3.4pt; padding-top: 0pt;">
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12.35pt; padding-top: 0pt;">
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              <td valign="bottom" width="31" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 23.45pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12.35pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
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              <td valign="bottom" width="5" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 3.4pt; padding-top: 0pt;">
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              <td valign="bottom" width="41" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 30.45pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; LINE-HEIGHT: 7pt; TEXT-ALIGN: right">&#160;</div>
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              <td valign="bottom" width="5" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 3.6pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; LINE-HEIGHT: 7pt">&#160;</div>
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              <td valign="bottom" width="9" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 6.9pt; padding-top: 0pt;">
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              <td valign="bottom" width="11" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 8.5pt; padding-top: 0pt;">
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              <td valign="bottom" width="9" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 6.9pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
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              <td valign="bottom" width="3" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 2.6pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
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              <td valign="bottom" width="9" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 6.8pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
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              <td valign="bottom" width="9" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 6.8pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
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              <td valign="bottom" width="3" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 2.6pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
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              <td valign="bottom" width="44" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 33pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; LINE-HEIGHT: 7pt; TEXT-ALIGN: right">&#160;</div>
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              <td valign="bottom" width="2" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 1.7pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; LINE-HEIGHT: 7pt">&#160;</div>
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              <td valign="bottom" width="9" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 6.8pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
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              <td valign="bottom" width="9" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 6.8pt; padding-top: 0pt;">
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              <td valign="bottom" width="2" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 1.7pt; padding-top: 0pt;">
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              <td valign="bottom" width="4" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 3pt; padding-top: 0pt;">
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              <td valign="bottom" width="37" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 27.75pt; padding-top: 0pt;">
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              <td valign="bottom" width="5" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 3.5pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
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              <td valign="bottom" width="4" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 3.1pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
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              <td valign="bottom" width="7" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 5.2pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
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              <td valign="bottom" width="41" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 30.45pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
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              <td valign="bottom" width="7" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 5.2pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
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              <td valign="bottom" width="5" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 3.6pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="4" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 3.25pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="36" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 26.95pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="5" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 3.5pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="5" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 3.4pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12.35pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
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              <td valign="bottom" width="31" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 23.45pt; padding-top: 0pt;">
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12.35pt; padding-top: 0pt;">
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              <td valign="bottom" width="5" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 3.4pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
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              <td valign="bottom" width="41" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 30.45pt; padding-top: 0pt;">
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              <td valign="bottom" width="5" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 3.6pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; LINE-HEIGHT: 7pt"><font style="FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman" size="1">)</font></div>
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              <td valign="top" width="276" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 207.2pt; padding-top: 0pt;">
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              <td valign="bottom" width="2" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 1.7pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; LINE-HEIGHT: 7pt">&#160;</div>
              </td>
              <td valign="bottom" width="9" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 6.9pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
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              <td valign="bottom" width="11" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 8.5pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
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              <td valign="bottom" width="9" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 6.9pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
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              <td valign="bottom" width="3" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 2.6pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
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              <td valign="bottom" width="9" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 6.8pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="9" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 6.8pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="3" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 2.6pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="44" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 33pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; LINE-HEIGHT: 7pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="2" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 1.7pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; LINE-HEIGHT: 7pt">&#160;</div>
              </td>
              <td valign="bottom" width="9" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 6.8pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="9" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 6.8pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="2" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 1.7pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="4" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 3pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="37" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 27.75pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="5" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 3.5pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="4" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 3.1pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="7" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 5.2pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="41" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 30.45pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="7" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 5.2pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="5" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 3.6pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="4" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 3.25pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="36" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 26.95pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="5" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 3.5pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="5" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 3.4pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12.35pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
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              <td valign="bottom" width="31" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 23.45pt; padding-top: 0pt; border-bottom: windowtext 1pt solid;">
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0.375pt; width: 12.35pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt"><font style="FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman" size="1">)</font></div>
              </td>
              <td valign="bottom" width="5" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 3.4pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="41" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 30.45pt; padding-top: 0pt; border-bottom: windowtext 1pt solid;">
                <div style="MARGIN: 0pt; LINE-HEIGHT: 7pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman" size="1">(13</font></div>
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              <td valign="bottom" width="5" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0.375pt; width: 3.6pt; padding-top: 0pt;">
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            <tr style="page-break-inside: avoid;">
              <td valign="top" width="276" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 207.2pt; padding-top: 0pt;">
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              <td valign="bottom" width="2" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 1.7pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; LINE-HEIGHT: 7pt">&#160;</div>
              </td>
              <td valign="bottom" width="9" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 6.9pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="11" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 8.5pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="9" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 6.9pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
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              <td valign="bottom" width="3" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 2.6pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="9" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 6.8pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="9" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 6.8pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="3" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 2.6pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="44" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 33pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; LINE-HEIGHT: 7pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="2" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 1.7pt; padding-top: 0pt;">
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              <td valign="bottom" width="9" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 6.8pt; padding-top: 0pt;">
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              <td valign="bottom" width="2" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 1.7pt; padding-top: 0pt;">
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              <td valign="bottom" width="4" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 3pt; padding-top: 0pt;">
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              <td valign="bottom" width="7" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 5.2pt; padding-top: 0pt;">
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              <td valign="bottom" width="5" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 3.4pt; padding-top: 0pt;">
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12.35pt; padding-top: 0pt;">
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              <td valign="bottom" width="31" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 23.45pt; padding-top: 0pt;">
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12.35pt; padding-top: 0pt;">
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              <td valign="bottom" width="5" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 3.4pt; padding-top: 0pt;">
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              <td valign="bottom" width="9" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 6.8pt; padding-top: 0pt;">
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              <td valign="bottom" width="9" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 6.8pt; padding-top: 0pt;">
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
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              <td valign="bottom" width="9" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 6.8pt; padding-top: 0pt;">
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              <td valign="bottom" width="4" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 3pt; padding-top: 0pt;">
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              <td valign="bottom" width="37" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 27.75pt; padding-top: 0pt;">
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              <td valign="bottom" width="36" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 26.95pt; padding-top: 0pt;">
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              <td valign="bottom" width="5" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 3.5pt; padding-top: 0pt;">
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              <td valign="bottom" width="5" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 3.4pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12.35pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
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              <td valign="bottom" width="31" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 23.45pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12.35pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
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              <td valign="bottom" width="5" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 3.4pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
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              <td valign="bottom" width="41" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 30.45pt; padding-top: 0pt;">
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                <div style="MARGIN: 0pt; LINE-HEIGHT: 7pt">&#160;</div>
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                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
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              <td valign="bottom" width="9" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 6.9pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
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              <td valign="bottom" width="3" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 2.6pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
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              <td valign="bottom" width="9" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 6.8pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
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              <td valign="bottom" width="9" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 6.8pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
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              <td valign="bottom" width="3" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 2.6pt; padding-top: 0pt;">
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              <td valign="bottom" width="44" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 33pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; LINE-HEIGHT: 7pt; TEXT-ALIGN: right">&#160;</div>
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              <td valign="bottom" width="2" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 1.7pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; LINE-HEIGHT: 7pt">&#160;</div>
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              <td valign="bottom" width="9" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 6.8pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
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              <td valign="bottom" width="9" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 6.8pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
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              <td valign="bottom" width="2" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 1.7pt; padding-top: 0pt;">
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              <td valign="bottom" width="4" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 3pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
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              <td valign="bottom" width="37" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 27.75pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
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              <td valign="bottom" width="5" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 3.5pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="4" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 3.1pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="7" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 5.2pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
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              <td valign="bottom" width="41" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 30.45pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
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              <td valign="bottom" width="7" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 5.2pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
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              <td valign="bottom" width="5" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 3.6pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="4" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 3.25pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
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              <td valign="bottom" width="36" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 26.95pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
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              <td valign="bottom" width="5" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 3.5pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
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              <td valign="bottom" width="5" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 3.4pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12.35pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
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              <td valign="bottom" width="31" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 23.45pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12.35pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="5" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 3.4pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
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              <td valign="bottom" width="41" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 30.45pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; LINE-HEIGHT: 7pt; TEXT-ALIGN: right">&#160;</div>
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              <td valign="bottom" width="5" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 3.6pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; LINE-HEIGHT: 7pt">&#160;</div>
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              <td valign="top" width="276" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 207.2pt; padding-top: 0pt;">
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                <div style="MARGIN: 0pt; LINE-HEIGHT: 7pt">&#160;</div>
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              <td valign="bottom" width="9" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 6.9pt; padding-top: 0pt;">
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              <td valign="bottom" width="11" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 8.5pt; padding-top: 0pt;">
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              <td valign="bottom" width="9" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 6.9pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
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              <td valign="bottom" width="3" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 2.6pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
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              <td valign="bottom" width="9" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 6.8pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
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              <td valign="bottom" width="9" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 6.8pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="3" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 2.6pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="44" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 33pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; LINE-HEIGHT: 7pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="2" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 1.7pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; LINE-HEIGHT: 7pt">&#160;</div>
              </td>
              <td valign="bottom" width="9" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 6.8pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="9" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 6.8pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="2" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 1.7pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="4" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 3pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
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              <td valign="bottom" width="37" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 27.75pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
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              <td valign="bottom" width="5" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 3.5pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
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              <td valign="bottom" width="4" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 3.1pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
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              <td valign="bottom" width="7" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 5.2pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
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              <td valign="bottom" width="41" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 30.45pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman" size="1">370,674</font></div>
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              <td valign="bottom" width="7" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 5.2pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
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              <td valign="bottom" width="5" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 3.6pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
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              <td valign="bottom" width="4" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 3.25pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
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              <td valign="bottom" width="36" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 26.95pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
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              <td valign="bottom" width="5" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 3.5pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
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              <td valign="bottom" width="5" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 3.4pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12.35pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
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              <td valign="bottom" width="31" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 23.45pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12.35pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
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              <td valign="bottom" width="5" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 3.4pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
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              <td valign="bottom" width="41" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 30.45pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; LINE-HEIGHT: 7pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman" size="1">370,674</font></div>
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              <td valign="bottom" width="5" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 3.6pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; LINE-HEIGHT: 7pt">&#160;</div>
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                <div style="MARGIN: 0pt; LINE-HEIGHT: 7pt">&#160;</div>
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              <td valign="bottom" width="9" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 6.9pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
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              <td valign="bottom" width="11" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 8.5pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
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              <td valign="bottom" width="9" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 6.9pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
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              <td valign="bottom" width="3" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 2.6pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
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              <td valign="bottom" width="9" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 6.8pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
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              <td valign="bottom" width="9" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 6.8pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="3" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 2.6pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="44" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 33pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; LINE-HEIGHT: 7pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="2" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 1.7pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; LINE-HEIGHT: 7pt">&#160;</div>
              </td>
              <td valign="bottom" width="9" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 6.8pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="9" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 6.8pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="2" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 1.7pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="4" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 3pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="37" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 27.75pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="5" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 3.5pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="4" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 3.1pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="7" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 5.2pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="41" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 30.45pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="7" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 5.2pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="5" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 3.6pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="4" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 3.25pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="36" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 26.95pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="5" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 3.5pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="5" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 3.4pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12.35pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="31" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 23.45pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12.35pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="5" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 3.4pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="41" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 30.45pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; LINE-HEIGHT: 7pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="5" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 3.6pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; LINE-HEIGHT: 7pt">&#160;</div>
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            </tr>
            <tr style="page-break-inside: avoid;">
              <td valign="top" width="276" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 207.2pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt 0pt 0pt 16pt; TEXT-INDENT: -8pt; LINE-HEIGHT: 7pt"><font style="FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman" size="1">Unrealized
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              <td valign="bottom" width="2" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 1.7pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; LINE-HEIGHT: 7pt">&#160;</div>
              </td>
              <td valign="bottom" width="9" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 6.9pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="11" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 8.5pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="9" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 6.9pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="3" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 2.6pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="9" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 6.8pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="9" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 6.8pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="3" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 2.6pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="44" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 33pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; LINE-HEIGHT: 7pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="2" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 1.7pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; LINE-HEIGHT: 7pt">&#160;</div>
              </td>
              <td valign="bottom" width="9" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 6.8pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="9" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 6.8pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="2" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 1.7pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="4" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 3pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="37" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 27.75pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="5" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 3.5pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="4" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 3.1pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="7" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 5.2pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="41" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 30.45pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="7" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 5.2pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="5" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 3.6pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="4" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 3.25pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="36" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 26.95pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="5" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 3.5pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="5" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 3.4pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12.35pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="31" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 23.45pt; padding-top: 0pt; border-bottom: windowtext 1pt solid;">
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12.35pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="5" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 3.4pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="41" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 30.45pt; padding-top: 0pt; border-bottom: windowtext 1pt solid;">
                <div style="MARGIN: 0pt; LINE-HEIGHT: 7pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman" size="1">4,078</font></div>
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              <td valign="bottom" width="5" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 3.6pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; LINE-HEIGHT: 7pt">&#160;</div>
              </td>
            </tr>
            <tr bgcolor="#cceeff" style="page-break-inside: avoid;">
              <td valign="top" width="276" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 207.2pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt 0pt 0pt 24pt; TEXT-INDENT: -8pt; LINE-HEIGHT: 7pt"><font style="FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman" size="1">Total
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              </td>
              <td valign="bottom" width="2" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 1.7pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; LINE-HEIGHT: 7pt">&#160;</div>
              </td>
              <td valign="bottom" width="9" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 6.9pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="11" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 8.5pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="9" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 6.9pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="3" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 2.6pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="9" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 6.8pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="9" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 6.8pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="3" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 2.6pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="44" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 33pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; LINE-HEIGHT: 7pt; TEXT-ALIGN: right">&#160;</div>
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              <td valign="bottom" width="7" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 5.2pt; padding-top: 0pt;">
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              <td valign="bottom" width="5" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 3.6pt; padding-top: 0pt;">
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              <td valign="bottom" width="36" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 26.95pt; padding-top: 0pt;">
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              <td valign="bottom" width="5" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 3.5pt; padding-top: 0pt;">
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              <td valign="bottom" width="5" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 3.4pt; padding-top: 0pt;">
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12.35pt; padding-top: 0pt;">
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              <td valign="bottom" width="5" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 3.4pt; padding-top: 0pt;">
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              <td valign="bottom" width="9" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 6.9pt; padding-top: 0pt;">
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                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
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              <td valign="bottom" width="9" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 6.9pt; padding-top: 0pt;">
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              <td valign="bottom" width="3" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 2.6pt; padding-top: 0pt;">
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              <td valign="bottom" width="9" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 6.8pt; padding-top: 0pt;">
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              <td valign="bottom" width="16" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 12pt; padding-top: 0pt; border-bottom: windowtext 1pt solid;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
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              <td valign="bottom" width="9" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 6.8pt; padding-top: 0pt;">
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              <td valign="bottom" width="3" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 2.6pt; padding-top: 0pt;">
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                <div style="MARGIN: 0pt; LINE-HEIGHT: 7pt; TEXT-ALIGN: right">&#160;</div>
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              <td valign="bottom" width="2" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 1.7pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; LINE-HEIGHT: 7pt">&#160;</div>
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              <td valign="bottom" width="9" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 6.8pt; padding-top: 0pt;">
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              <td valign="bottom" width="16" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 12pt; padding-top: 0pt; border-bottom: windowtext 1pt solid;">
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              <td valign="bottom" width="9" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 6.8pt; padding-top: 0pt;">
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              <td valign="bottom" width="2" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 1.7pt; padding-top: 0pt;">
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              <td valign="bottom" width="4" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 3pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
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                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
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              <td valign="bottom" width="5" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 3.5pt; padding-top: 0pt;">
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              <td valign="bottom" width="4" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 3.1pt; padding-top: 0pt;">
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              <td valign="bottom" width="7" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 5.2pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
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              <td valign="bottom" width="41" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 30.45pt; padding-top: 0pt; border-bottom: windowtext 1pt solid;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
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              <td valign="bottom" width="7" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 5.2pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
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              <td valign="bottom" width="5" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 3.6pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
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              <td valign="bottom" width="4" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 3.25pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
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              <td valign="bottom" width="36" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 26.95pt; padding-top: 0pt; border-bottom: windowtext 1pt solid;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
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              <td valign="bottom" width="5" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 3.5pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
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              <td valign="bottom" width="5" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 3.4pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12.35pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
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              <td valign="bottom" width="31" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 23.45pt; padding-top: 0pt; border-bottom: windowtext 1pt solid;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12.35pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
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              <td valign="bottom" width="5" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 3.4pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
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              <td valign="bottom" width="41" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 30.45pt; padding-top: 0pt; border-bottom: windowtext 1pt solid;">
                <div style="MARGIN: 0pt; LINE-HEIGHT: 7pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman" size="1">374,752</font></div>
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                <div style="MARGIN: 0pt; LINE-HEIGHT: 7pt">&#160;</div>
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                <div style="MARGIN: 6pt 0pt 0pt; LINE-HEIGHT: 7pt">&#160;</div>
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              <td valign="bottom" width="9" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 6.9pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
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              <td valign="bottom" width="11" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 8.5pt; padding-top: 0pt; border-bottom: windowtext 2.25pt double;">
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              <td valign="bottom" width="9" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 6.9pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
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              <td valign="bottom" width="3" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 2.6pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="9" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 6.8pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
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              <td valign="bottom" width="16" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 12pt; padding-top: 0pt; border-bottom: windowtext 2.25pt double;">
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              </td>
              <td valign="bottom" width="3" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 2.6pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
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              <td valign="bottom" width="44" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 33pt; padding-top: 0pt; border-bottom: windowtext 2.25pt double;">
                <div style="MARGIN: 6pt 0pt 0pt; LINE-HEIGHT: 7pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman" size="1">86,143,604</font></div>
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                <div style="MARGIN: 6pt 0pt 0pt; LINE-HEIGHT: 7pt">&#160;</div>
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              <td valign="bottom" width="9" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 6.8pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
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              <td valign="bottom" width="16" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 12pt; padding-top: 0pt; border-bottom: windowtext 2.25pt double;">
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              <td valign="bottom" width="9" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 6.8pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="2" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 1.7pt; padding-top: 0pt;">
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              <td valign="bottom" width="4" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 3pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
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              <td valign="bottom" width="37" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 27.75pt; padding-top: 0pt; border-bottom: windowtext 2.25pt double;">
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              <td valign="bottom" width="5" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 3.5pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="4" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 3.1pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="7" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 5.2pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
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              <td valign="bottom" width="41" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 30.45pt; padding-top: 0pt; border-bottom: windowtext 2.25pt double;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman" size="1">$&#160;(71,785</font></div>
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              <td valign="bottom" width="7" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 2.25pt; width: 5.2pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt"><font style="FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman" size="1">)</font></div>
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              <td valign="bottom" width="5" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 3.6pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="4" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 3.25pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="36" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 26.95pt; padding-top: 0pt; border-bottom: windowtext 2.25pt double;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman" size="1">$&#160;(29,149</font></div>
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              <td valign="bottom" width="5" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 2.25pt; width: 3.5pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt"><font style="FONT-SIZE: 7pt; FONT-FAMILY: Times New Roman" size="1">)</font></div>
              </td>
              <td valign="bottom" width="5" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 3.4pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12.35pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
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              <td valign="bottom" width="31" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 23.45pt; padding-top: 0pt; border-bottom: windowtext 2.25pt double;">
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        SYSTEMS
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              <td valign="bottom" width="363" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 272.25pt; padding-top: 0in;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
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                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt">&#160;</div>
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                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt; TEXT-ALIGN: right">&#160;</div>
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt">&#160;</div>
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              <td colspan="2" valign="bottom" width="67" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 50.35pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 4.65pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt">&#160;</div>
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              <td valign="top" width="363" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 272.25pt; padding-top: 0in;">
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              <td valign="bottom" width="7" style="padding-right: 0in; padding-left: 0in; padding-bottom: 0in; width: 5pt; padding-top: 0in;">
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                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: normal; TEXT-ALIGN: right">&#160;</div>
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              <td valign="bottom" width="7" style="padding-right: 0in; padding-left: 0in; padding-bottom: 0in; width: 5pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt; TEXT-ALIGN: left" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">$</font></div>
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                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: normal; TEXT-ALIGN: right">&#160;</div>
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              <td valign="bottom" width="7" style="padding-right: 0in; padding-left: 0in; padding-bottom: 0in; width: 5pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt; TEXT-ALIGN: left" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">$</font></div>
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                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: normal; TEXT-ALIGN: right">&#160;</div>
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              <td valign="top" width="363" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 272.25pt; padding-top: 0in;">
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                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt">&#160;</div>
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                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="57" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 42.85pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="67" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 50.35pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 4.65pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt">&#160;</div>
              </td>
            </tr>
            <tr style="page-break-inside: avoid;">
              <td valign="top" width="363" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 272.25pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt 30pt; COLOR: windowtext; TEXT-INDENT: -10pt; LINE-HEIGHT: 10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Depreciation
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="67" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 50.35pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">29,616</font></div>
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="57" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 42.85pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">13,227</font></div>
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="67" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 50.35pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">13,062</font></div>
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              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 4.65pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt">&#160;</div>
              </td>
            </tr>
            <tr bgcolor="#cceeff" style="page-break-inside: avoid;">
              <td valign="top" width="363" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 272.25pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt 30pt; COLOR: windowtext; TEXT-INDENT: -10pt; LINE-HEIGHT: 10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Amortization
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="67" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 50.35pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">3,713</font></div>
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="57" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 42.85pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">3,713</font></div>
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="67" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 50.35pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">3,107</font></div>
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              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 4.65pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt">&#160;</div>
              </td>
            </tr>
            <tr style="page-break-inside: avoid;">
              <td valign="top" width="363" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 272.25pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt 30pt; COLOR: windowtext; TEXT-INDENT: -10pt; LINE-HEIGHT: 10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Share-based
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="67" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 50.35pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">8,798</font></div>
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt">&#160;</div>
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              <td valign="top" width="363" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 272.25pt; padding-top: 0in;">
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              <td valign="top" width="363" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 272.25pt; padding-top: 0in;">
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                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt">&#160;</div>
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              <td valign="top" width="363" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 272.25pt; padding-top: 0in;">
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="67" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 50.35pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">&#8212;</font></div>
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt">&#160;</div>
              </td>
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                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="67" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 50.35pt; padding-top: 0in;">
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              <td valign="top" width="363" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 272.25pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt 30pt; COLOR: windowtext; TEXT-INDENT: -10pt; LINE-HEIGHT: 10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Deferred
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="67" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 50.35pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">(153,748</font></div>
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">)</font></div>
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="67" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 50.35pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">&#8212;</font></div>
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              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 4.65pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt">&#160;</div>
              </td>
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            <tr style="page-break-inside: avoid;">
              <td valign="top" width="363" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 272.25pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt 30pt; COLOR: windowtext; TEXT-INDENT: -10pt; LINE-HEIGHT: 10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Other</font></div>
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="67" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 50.35pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">(183</font></div>
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">)</font></div>
              </td>
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                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">438</font></div>
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="67" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 50.35pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">&#8212;</font></div>
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                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt">&#160;</div>
              </td>
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              <td valign="top" width="363" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 272.25pt; padding-top: 0in;">
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                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="67" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 50.35pt; padding-top: 0in;">
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt">&#160;</div>
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              <td colspan="2" valign="bottom" width="57" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 42.85pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="67" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 50.35pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt; TEXT-ALIGN: right">&#160;</div>
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              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 4.65pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt">&#160;</div>
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            </tr>
            <tr style="page-break-inside: avoid;">
              <td valign="top" width="363" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 272.25pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt 40pt; COLOR: windowtext; TEXT-INDENT: -10pt; LINE-HEIGHT: 10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Prepaid
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt">&#160;</div>
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              <td colspan="2" valign="bottom" width="67" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 50.35pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">(206</font></div>
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">)</font></div>
              </td>
              <td colspan="2" valign="bottom" width="57" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 42.85pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">288</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="67" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 50.35pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">(426</font></div>
              </td>
              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 4.65pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">)</font></div>
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              <td valign="top" width="363" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 272.25pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt 40pt; COLOR: windowtext; TEXT-INDENT: -10pt; LINE-HEIGHT: 10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Amounts
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
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              <td valign="top" width="363" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 272.25pt; padding-top: 0in;">
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt">&#160;</div>
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              <td colspan="2" valign="bottom" width="67" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 50.35pt; padding-top: 0in;">
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt">&#160;</div>
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                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt">&#160;</div>
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              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 4.65pt; padding-top: 0in;">
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
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                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt">&#160;</div>
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              <td valign="top" width="363" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 272.25pt; padding-top: 0in;">
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt">&#160;</div>
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              <td colspan="2" valign="bottom" width="67" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 50.35pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">387</font></div>
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt">&#160;</div>
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              <td colspan="2" valign="bottom" width="57" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 42.85pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">&#8212;</font></div>
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt">&#160;</div>
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              <td colspan="2" valign="bottom" width="67" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 50.35pt; padding-top: 0in;">
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              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 4.65pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">)</font></div>
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              <td valign="top" width="363" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 272.25pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt 40pt; COLOR: windowtext; TEXT-INDENT: -10pt; LINE-HEIGHT: 10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Accrued
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt">&#160;</div>
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              <td colspan="2" valign="bottom" width="67" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 50.35pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">102,035</font></div>
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt">&#160;</div>
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              <td colspan="2" valign="bottom" width="57" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 42.85pt; padding-top: 0in;">
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">)</font></div>
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                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">43,320</font></div>
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              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 4.65pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt">&#160;</div>
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            </tr>
            <tr style="page-break-inside: avoid;">
              <td valign="top" width="363" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 272.25pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt 40pt; COLOR: windowtext; TEXT-INDENT: -10pt; LINE-HEIGHT: 10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Share-based
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="67" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 50.35pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">261</font></div>
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt">&#160;</div>
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              <td colspan="2" valign="bottom" width="57" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 42.85pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">&#8212;</font></div>
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="67" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 50.35pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">&#8212;</font></div>
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              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 4.65pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt">&#160;</div>
              </td>
            </tr>
            <tr bgcolor="#cceeff" style="page-break-inside: avoid;">
              <td valign="top" width="363" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 272.25pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt 40pt; COLOR: windowtext; TEXT-INDENT: -10pt; LINE-HEIGHT: 10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Withholding
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="67" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 50.35pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">(31,736</font></div>
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">)</font></div>
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                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">)</font></div>
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                <div style="MARGIN: 0in 0in 0pt 40pt; COLOR: windowtext; TEXT-INDENT: -10pt; LINE-HEIGHT: 10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Litigation
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                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt">&#160;</div>
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt">&#160;</div>
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">)</font></div>
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              <td colspan="2" valign="bottom" width="67" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 50.35pt; padding-top: 0in;">
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              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 4.65pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt">&#160;</div>
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              <td valign="top" width="363" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 272.25pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt 40pt; COLOR: windowtext; TEXT-INDENT: -10pt; LINE-HEIGHT: 10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Deferred
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt">&#160;</div>
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              <td colspan="2" valign="bottom" width="67" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 50.35pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">639</font></div>
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt">&#160;</div>
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              <td colspan="2" valign="bottom" width="57" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 42.85pt; padding-top: 0in;">
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
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              <td colspan="2" valign="bottom" width="67" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 50.35pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">496</font></div>
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              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 4.65pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt">&#160;</div>
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            </tr>
            <tr style="page-break-inside: avoid;">
              <td valign="top" width="363" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 272.25pt; padding-top: 0in;">
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt">&#160;</div>
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              <td colspan="2" valign="bottom" width="67" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0in; padding-bottom: 0in; border-left: medium none; width: 50.35pt; padding-top: 0in; border-bottom: windowtext 1pt solid;">
                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">20,852</font></div>
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
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              <td colspan="2" valign="bottom" width="57" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0in; padding-bottom: 0in; border-left: medium none; width: 42.85pt; padding-top: 0in; border-bottom: windowtext 1pt solid;">
                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">(98,783</font></div>
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0.375pt; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">)</font></div>
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              <td colspan="2" valign="bottom" width="67" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0in; padding-bottom: 0in; border-left: medium none; width: 50.35pt; padding-top: 0in; border-bottom: windowtext 1pt solid;">
                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">120,576</font></div>
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              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 4.65pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt">&#160;</div>
              </td>
            </tr>
            <tr bgcolor="#cceeff" style="page-break-inside: avoid;">
              <td valign="top" width="363" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 272.25pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt 50pt; COLOR: windowtext; TEXT-INDENT: -10pt; LINE-HEIGHT: 10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Net
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="67" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0in; padding-bottom: 0in; border-left: medium none; width: 50.35pt; padding-top: 0in; border-bottom: windowtext 1pt solid;">
                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">205,100</font></div>
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt">&#160;</div>
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              <td colspan="2" valign="bottom" width="57" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0in; padding-bottom: 0in; border-left: medium none; width: 42.85pt; padding-top: 0in; border-bottom: windowtext 1pt solid;">
                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">(64,592</font></div>
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0.375pt; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">)</font></div>
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              <td colspan="2" valign="bottom" width="67" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0in; padding-bottom: 0in; border-left: medium none; width: 50.35pt; padding-top: 0in; border-bottom: windowtext 1pt solid;">
                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">255,657</font></div>
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              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 4.65pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt">&#160;</div>
              </td>
            </tr>
            <tr style="page-break-inside: avoid;">
              <td valign="top" width="363" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 272.25pt; padding-top: 0in;">
                <div style="MARGIN: 6pt 0in 0pt 10pt; COLOR: windowtext; TEXT-INDENT: -10pt; LINE-HEIGHT: 10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Cash
                  flows
                  from investing activities:</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 6pt 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="67" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 50.35pt; padding-top: 0in;">
                <div style="MARGIN: 6pt 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 6pt 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="57" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 42.85pt; padding-top: 0in;">
                <div style="MARGIN: 6pt 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 6pt 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="67" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 50.35pt; padding-top: 0in;">
                <div style="MARGIN: 6pt 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 4.65pt; padding-top: 0in;">
                <div style="MARGIN: 6pt 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt">&#160;</div>
              </td>
            </tr>
            <tr bgcolor="#cceeff" style="page-break-inside: avoid;">
              <td valign="top" width="363" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 272.25pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt 20pt; COLOR: windowtext; TEXT-INDENT: -10pt; LINE-HEIGHT: 10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Acquisitions
                  of property, plant and equipment</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="67" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 50.35pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">(45,902</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">)</font></div>
              </td>
              <td colspan="2" valign="bottom" width="57" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 42.85pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">(84,263</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">)</font></div>
              </td>
              <td colspan="2" valign="bottom" width="67" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 50.35pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">(106,286</font></div>
              </td>
              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 4.65pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">)</font></div>
              </td>
            </tr>
            <tr style="page-break-inside: avoid;">
              <td valign="top" width="363" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 272.25pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt 20pt; COLOR: windowtext; TEXT-INDENT: -10pt; LINE-HEIGHT: 10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Purchases
                  of
                  securities available for sale</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="67" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 50.35pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">(1,595,970</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">)</font></div>
              </td>
              <td colspan="2" valign="bottom" width="57" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 42.85pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">(574,072</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">)</font></div>
              </td>
              <td colspan="2" valign="bottom" width="67" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 50.35pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">(3,457,174</font></div>
              </td>
              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 4.65pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">)</font></div>
              </td>
            </tr>
            <tr bgcolor="#cceeff" style="page-break-inside: avoid;">
              <td valign="top" width="363" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 272.25pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt 20pt; COLOR: windowtext; TEXT-INDENT: -10pt; LINE-HEIGHT: 10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Proceeds
                  from
                  sale of securities available for sale</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="67" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 50.35pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">1,130,990</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="57" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 42.85pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">575,598</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="67" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 50.35pt; padding-top: 0in;">
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                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt">&#160;</div>
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              <td valign="top" width="363" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 272.25pt; padding-top: 0in;">
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                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt">&#160;</div>
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                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt">&#160;</div>
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              <td colspan="2" valign="bottom" width="57" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 42.85pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">77,607</font></div>
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="67" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 50.35pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">724,161</font></div>
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              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 4.65pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt">&#160;</div>
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              <td valign="top" width="363" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 272.25pt; padding-top: 0in;">
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="67" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0in; padding-bottom: 0in; border-left: medium none; width: 50.35pt; padding-top: 0in; border-bottom: windowtext 1pt solid;">
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="57" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0in; padding-bottom: 0in; border-left: medium none; width: 42.85pt; padding-top: 0in; border-bottom: windowtext 1pt solid;">
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="67" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0in; padding-bottom: 0in; border-left: medium none; width: 50.35pt; padding-top: 0in; border-bottom: windowtext 1pt solid;">
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              </td>
              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0.375pt; width: 4.65pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">)</font></div>
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            <tr style="page-break-inside: avoid;">
              <td valign="top" width="363" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 272.25pt; padding-top: 0in;">
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              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="67" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0in; padding-bottom: 0in; border-left: medium none; width: 50.35pt; padding-top: 0in; border-bottom: windowtext 1pt solid;">
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0.375pt; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">)</font></div>
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0.375pt; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">)</font></div>
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                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">(872,249</font></div>
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              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0.375pt; width: 4.65pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">)</font></div>
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              <td valign="top" width="363" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 272.25pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt 10pt; COLOR: windowtext; TEXT-INDENT: -10pt; LINE-HEIGHT: 10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Cash
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                  from financing activities:</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="67" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 50.35pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="57" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 42.85pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="67" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 50.35pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 4.65pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt">&#160;</div>
              </td>
            </tr>
            <tr style="page-break-inside: avoid;">
              <td valign="top" width="363" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 272.25pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt 20pt; COLOR: windowtext; TEXT-INDENT: -10pt; LINE-HEIGHT: 10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Proceeds
                  from
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              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="67" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 50.35pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">29,000</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="57" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 42.85pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">17,644</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="67" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 50.35pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">77,860</font></div>
              </td>
              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 4.65pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt">&#160;</div>
              </td>
            </tr>
            <tr bgcolor="#cceeff" style="page-break-inside: avoid;">
              <td valign="top" width="363" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 272.25pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt 20pt; COLOR: windowtext; TEXT-INDENT: -10pt; LINE-HEIGHT: 10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Proceeds
                  from
                  issuance of common stock under the employee stock purchase
                  plan</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="67" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 50.35pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">806</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="57" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 42.85pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">932</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="67" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 50.35pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">802</font></div>
              </td>
              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 4.65pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt">&#160;</div>
              </td>
            </tr>
            <tr style="page-break-inside: avoid;">
              <td valign="top" width="363" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 272.25pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt 20pt; COLOR: windowtext; TEXT-INDENT: -10pt; LINE-HEIGHT: 10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Tax
                  benefit
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              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="67" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 50.35pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">94,719</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="57" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 42.85pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">&#8212;</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="67" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 50.35pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">&#8212;</font></div>
              </td>
              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 4.65pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt">&#160;</div>
              </td>
            </tr>
            <tr bgcolor="#cceeff" style="page-break-inside: avoid;">
              <td valign="top" width="363" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 272.25pt; padding-top: 0in;">
                <div style="FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt 20pt; COLOR: windowtext; TEXT-INDENT: -10pt; LINE-HEIGHT: 10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Proceeds
                  from
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                  convertible notes</div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="67" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 50.35pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">&#8212;</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="57" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 42.85pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">&#8212;</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="67" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 50.35pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">600,000</font></div>
              </td>
              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 4.65pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt">&#160;</div>
              </td>
            </tr>
            <tr style="page-break-inside: avoid;">
              <td valign="top" width="363" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 272.25pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt 20pt; COLOR: windowtext; TEXT-INDENT: -10pt; LINE-HEIGHT: 10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Repurchase
                  of
                  common stock</font></div>
              </td>
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              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 4.65pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt">&#160;</div>
              </td>
            </tr>
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              <td valign="top" width="363" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 272.25pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt 20pt; COLOR: windowtext; TEXT-INDENT: -10pt; LINE-HEIGHT: 10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Payment
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="67" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 50.35pt; padding-top: 0in;">
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt">&#160;</div>
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                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">&#8212;</font></div>
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="67" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 50.35pt; padding-top: 0in;">
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              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 4.65pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">)</font></div>
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            <tr style="page-break-inside: avoid;">
              <td valign="top" width="363" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 272.25pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt 20pt; COLOR: windowtext; TEXT-INDENT: -10pt; LINE-HEIGHT: 10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Proceeds
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              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="67" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 50.35pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">&#8212;</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="57" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 42.85pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">&#8212;</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="67" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 50.35pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">5,000</font></div>
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              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 4.65pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt">&#160;</div>
              </td>
            </tr>
            <tr bgcolor="#cceeff" style="page-break-inside: avoid;">
              <td valign="top" width="363" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 272.25pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt 20pt; COLOR: windowtext; TEXT-INDENT: -10pt; LINE-HEIGHT: 10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Other</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="67" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0in; padding-bottom: 0in; border-left: medium none; width: 50.35pt; padding-top: 0in; border-bottom: windowtext 1pt solid;">
                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">&#8212;</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="57" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0in; padding-bottom: 0in; border-left: medium none; width: 42.85pt; padding-top: 0in; border-bottom: windowtext 1pt solid;">
                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">&#8212;</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="67" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0in; padding-bottom: 0in; border-left: medium none; width: 50.35pt; padding-top: 0in; border-bottom: windowtext 1pt solid;">
                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">(55</font></div>
              </td>
              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0.375pt; width: 4.65pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">)</font></div>
              </td>
            </tr>
            <tr style="page-break-inside: avoid;">
              <td valign="top" width="363" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 272.25pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt 50pt; COLOR: windowtext; TEXT-INDENT: -10pt; LINE-HEIGHT: 10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Net
                  cash
                  provided by (used in) financing activities</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="67" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0in; padding-bottom: 0in; border-left: medium none; width: 50.35pt; padding-top: 0in; border-bottom: windowtext 1pt solid;">
                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">124,525</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="57" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0in; padding-bottom: 0in; border-left: medium none; width: 42.85pt; padding-top: 0in; border-bottom: windowtext 1pt solid;">
                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">(6,273</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0.375pt; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">)</font></div>
              </td>
              <td colspan="2" valign="bottom" width="67" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0in; padding-bottom: 0in; border-left: medium none; width: 50.35pt; padding-top: 0in; border-bottom: windowtext 1pt solid;">
                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">665,048</font></div>
              </td>
              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 4.65pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt">&#160;</div>
              </td>
            </tr>
            <tr bgcolor="#cceeff" style="page-break-inside: avoid;">
              <td valign="top" width="363" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 272.25pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt 50pt; COLOR: windowtext; TEXT-INDENT: -10pt; LINE-HEIGHT: 10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Net
                  increase
                  (decrease) in cash and cash equivalents</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="67" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 50.35pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">17,165</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="57" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 42.85pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">(75,918</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">)</font></div>
              </td>
              <td colspan="2" valign="bottom" width="67" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 50.35pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">48,456</font></div>
              </td>
              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 4.65pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt">&#160;</div>
              </td>
            </tr>
            <tr style="page-break-inside: avoid;">
              <td valign="top" width="363" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 272.25pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt 10pt; COLOR: windowtext; TEXT-INDENT: -10pt; LINE-HEIGHT: 10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Cash
                  and cash
                  equivalents at beginning of period</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="67" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0in; padding-bottom: 0in; border-left: medium none; width: 50.35pt; padding-top: 0in; border-bottom: windowtext 1pt solid;">
                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">3,403</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="57" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0in; padding-bottom: 0in; border-left: medium none; width: 42.85pt; padding-top: 0in; border-bottom: windowtext 1pt solid;">
                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">79,321</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="67" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0in; padding-bottom: 0in; border-left: medium none; width: 50.35pt; padding-top: 0in; border-bottom: windowtext 1pt solid;">
                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">30,865</font></div>
              </td>
              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 4.65pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt">&#160;</div>
              </td>
            </tr>
            <tr bgcolor="#cceeff" style="page-break-inside: avoid;">
              <td valign="top" width="363" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 272.25pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt 10pt; COLOR: windowtext; TEXT-INDENT: -10pt; LINE-HEIGHT: 10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Cash
                  and cash
                  equivalents at end of period</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt">&#160;</div>
              </td>
              <td valign="bottom" width="7" style="border-right: medium none; padding-right: 0in; border-top: medium none; padding-left: 0in; padding-bottom: 0in; border-left: medium none; width: 5pt; padding-top: 0in; border-bottom: windowtext 2.25pt double;">
                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt; TEXT-ALIGN: left" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">$</font></div>
              </td>
              <td valign="bottom" width="60" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0in; padding-bottom: 0in; border-left: medium none; width: 45.35pt; padding-top: 0in; border-bottom: windowtext 2.25pt double;">
                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">20,568</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: normal; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="7" style="border-right: medium none; padding-right: 0in; border-top: medium none; padding-left: 0in; padding-bottom: 0in; border-left: medium none; width: 5pt; padding-top: 0in; border-bottom: windowtext 2.25pt double;">
                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt; TEXT-ALIGN: left" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">$</font></div>
              </td>
              <td valign="bottom" width="50" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0in; padding-bottom: 0in; border-left: medium none; width: 37.85pt; padding-top: 0in; border-bottom: windowtext 2.25pt double;">
                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">3,403</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: normal; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="7" style="border-right: medium none; padding-right: 0in; border-top: medium none; padding-left: 0in; padding-bottom: 0in; border-left: medium none; width: 5pt; padding-top: 0in; border-bottom: windowtext 2.25pt double;">
                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt; TEXT-ALIGN: left" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">$</font></div>
              </td>
              <td valign="bottom" width="60" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0in; padding-bottom: 0in; border-left: medium none; width: 45.35pt; padding-top: 0in; border-bottom: windowtext 2.25pt double;">
                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: 10pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">79,321</font></div>
              </td>
              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 4.65pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: normal; TEXT-ALIGN: right">&#160;</div>
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      <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; LINE-HEIGHT: normal; TEXT-ALIGN: center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">See
        accompanying
        notes to consolidated financial statements.</font></div>
      <div style="MARGIN: 0in 0in 0pt; COLOR: windowtext; TEXT-INDENT: 0pt; LINE-HEIGHT: normal; TEXT-ALIGN: left">&#160;</div>
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      <div style="FONT-WEIGHT: bold; MARGIN: 0pt 0pt 24pt; LINE-HEIGHT: 16pt; TEXT-ALIGN: center"><strong><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">IMCLONE
        SYSTEMS
        INCORPORATED<br>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
        (Continued)</font></strong></div>
      <div style="FONT-WEIGHT: bold; FONT-SIZE: 10pt; MARGIN: 0pt 0pt 6pt 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: Times New Roman"><strong><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">(1)</font></strong><font style="FONT-FAMILY: Times New Roman">&#160;&#160;
</font>Business
        Overview and
        Basis of Preparation<a name="a1BusinessOverviewAndBasisOfPrepa_202615"/></div>
      <div style="MARGIN: 0pt 0pt 6pt; TEXT-INDENT: 20pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">ImClone
        Systems
        Incorporated (the &#8220;Company&#8221;) is a biopharmaceutical company whose mission is to
        advance oncology care by developing and commercializing a portfolio of targeted
        treatments designed to address the medical needs of patients with cancer.
        A
        substantial portion of the Company&#8217;s efforts and resources are devoted to
        research and development conducted on its own behalf and through collaborations
        with corporate partners and academic research and clinical institutions.
        The
        Company does not operate separate lines of business or separate business
        entities and does not conduct any of its operations outside of the United
        States. Accordingly, the Company does not prepare discrete financial information
        with respect to separate product areas or by location and does not have
        separately reportable segments.</font></div>
      <div style="FONT-SIZE: 10pt; MARGIN: 0pt 0pt 6pt; TEXT-INDENT: 20pt; FONT-FAMILY: Times New Roman"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">On
        September&#160;28, 2006, Carl C. Icahn, Alexander J. Denner, Ph.D., Barberry
        Corp and High River Limited Partnership filed a consent solicitation to remove
        six members of the Company&#8217;s Board of Directors as well as to add Peter S.
        Liebert, M.D. to the Board. On October&#160;9, 2006, David M. Kies and William
        W. Crouse resigned from the Board of Directors of the Company. On
        October&#160;19, 2006, Peter S. Liebert, M.D. was appointed by the Company&#8217;s
        Board of Directors to fill one of the vacancies resulting from the resignation
        of the two Directors discussed above. On October&#160;24, 2006, the Company&#8217;s
        Board of Directors appointed Carl C. Icahn as Chairman of the Board. In
        addition, on October&#160;24, 2006,&#160; Joseph L. Fischer resigned as Interim
        Chief Executive Officer and as a member of the Company&#8217;s Board of Directors and
        was replaced by a newly formed Executive Committee of the Board (the &#8220;Executive
        Committee&#8221;), chaired by Alexander J. Denner, Ph.D., and including Directors
        Richard Mulligan, Ph.D., and Charles Woler, M.D., Ph.D. The Executive Committee
        will serve as the principal executive body for the Company until such time
        as a
        Chief Executive Officer is named. The Company also announced that Directors
        Vincent T. DeVita,&#160;Jr., M.D., John A. Fazio and William R. Miller will not
        stand for reelection to the Board of Directors at the Company&#8217;s next annual
        meeting. In addition, the Board determined that it would waive all director
        fees
        for six months and all option grants for directors for the next year. As
        a
        result of these developments, Carl C. Icahn and related parties withdrew
        their
        shareholder consent solicitation.</font></div>
      <div style="MARGIN: 0pt 0pt 6pt; TEXT-INDENT: 20pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">On
        February&#160;12, 2004, the United States Food and Drug Administration (&#8220;FDA&#8221;)
        approved ERBITUX&#174; (cetuximab) injection for use in combination with irinotecan
        in the treatment of patients with EGFR-expressing, metastatic colorectal
        cancer
        who are refractory to irinotecan-based chemotherapy and for use as a single
        agent in the treatment of patients with EGFR-expressing, metastatic colorectal
        cancer who are intolerant to irinotecan-based chemotherapy. In
        September&#160;2005, Health Canada approved the use of ERBITUX for use in
        combination with irinotecan for the treatment of EGFR-expressing metastatic
        colorectal carcinoma in patients who are refractory to other irinotecan-based
        chemotherapy regimens and for use as a single agent for the treatment of
        EGFR
        expressing, metastatic colorectal carcinoma in patients who are intolerant
        to
        irinotecan-based chemotherapy. On March&#160;1, 2006, the FDA approved ERBITUX
        for use in combination with radiation therapy for the treatment of locally
        or
        regionally advanced squamous cell carcinoma of the head and neck (&#8220;SCCHN&#8221;) and
        as a single agent in recurrent or metastatic SCCHN where prior platinum-based
        chemotherapy has failed. Please see full prescribing information, available
        at
        www.ERBITUX.com, for important safety information relating to ERBITUX, including
        boxed warnings.</font></div>
      <div style="MARGIN: 0pt 0pt 6pt; TEXT-INDENT: 20pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">On
        December&#160;1,
        2003, Swissmedic, the Swiss agency for therapeutic products, approved ERBITUX
        in
        Switzerland for the treatment of patients with colorectal cancer who no longer
        respond to standard chemotherapy treatment with irinotecan. Merck KGaA licensed
        the right to market ERBITUX outside the United States and Canada from the
        Company in 1998. On June&#160;30, 2004, Merck KGaA received marketing approval
        by the European Commission to sell ERBITUX for use in combination with
        irinotecan for the </font></div>
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      <div style="FONT-WEIGHT: bold; MARGIN: 0pt 0pt 24pt; LINE-HEIGHT: 16pt; TEXT-ALIGN: center"><strong><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">IMCLONE
        SYSTEMS
        INCORPORATED<br>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
        (Continued)</font></strong></div>
      <div style="MARGIN: 0pt 0pt 6pt; TEXT-INDENT: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">treatment
        of
        patients with EGFR-expressing metastatic colorectal cancer after failure
        of
        irinotecan including cytotoxic therapy. On December&#160;22, 2005, Swissmedic
        approved ERBITUX in Switzerland in combination with radiation in the treatment
        of patients with previously untreated, advanced SCHHN. On April&#160;3, 2006,
        Merck KGaA was granted marketing authorization by the European Commission
        to
        extend the use of ERBITUX, in combination with radiotherapy, to the treatment
        of
        patients with locally advanced SCCHN. In Japan, Merck KGaA has marketing
        rights
        to ERBITUX, which are co-exclusive to the co-development rights of the Company
        and BMS. In February&#160;2007, an application was submitted with the Japanese
        Pharmaceuticals and Medical Devices Agency for the use of ERBITUX in treating
        patients with advanced colorectal cancer. ERBITUX is the first IgG1 monoclonal
        antibody that inhibits EGFR to be submitted for marketing authorization in
        Japan.</font></div>
      <div style="MARGIN: 0pt 0pt 6pt; TEXT-INDENT: 20pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">The
        Company
        believes that its existing cash and cash equivalents and marketable securities
        and its cash provided from operating activities will provide it with sufficient
        liquidity to support the Company&#8217;s operations at least through the first quarter
        of 2008. The Company is also entitled to reimbursement for certain marketing
        and
        research and development expenditures.</font></div>
      <div style="MARGIN: 0pt 0pt 12pt; TEXT-INDENT: 20pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">The
        Company relies
        entirely on third-party manufacturers for filling and finishing services
        with
        respect to ERBITUX. If the Company&#8217;s current third-party manufacturers or
        critical raw material suppliers fail to meet the Company&#8217;s expectations, the
        Company cannot be assured that it will be able to enter into new agreements
        with
        other suppliers or third-party manufacturers without an adverse effect on
        the
        Company&#8217;s business.</font></div>
      <div style="FONT-WEIGHT: bold; FONT-SIZE: 10pt; MARGIN: 0pt 0pt 6pt 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: Times New Roman"><strong><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">(2)</font></strong><font style="FONT-FAMILY: Times New Roman">&#160;&#160;
</font>Summary
        of Significant
        Accounting Policies<a name="a2SummaryOfSignificantAccountingP_202623"/></div>
      <div style="FONT-WEIGHT: bold; MARGIN: 0pt 0pt 6pt 10pt; TEXT-INDENT: -10pt; FONT-STYLE: italic"><strong><i><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">(a)
        Principles of
        Consolidation</font></i></strong></div>
      <div style="MARGIN: 0pt 0pt 12pt; TEXT-INDENT: 20pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">The
        consolidated
        financial statements include the financial statements of ImClone Systems
        Incorporated and its wholly-owned subsidiary, Endoclone Incorporated. All
        intercompany balances and transactions have been eliminated in
        consolidation.</font></div>
      <div style="FONT-WEIGHT: bold; MARGIN: 0pt 0pt 6pt 10pt; TEXT-INDENT: -10pt; FONT-STYLE: italic"><strong><i><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">(b)
        Cash
        Equivalents</font></i></strong></div>
      <div style="MARGIN: 0pt 0pt 12pt; TEXT-INDENT: 20pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Cash
        equivalents
        may consist of money market funds, commercial paper and other readily marketable
        debt instruments. The Company considers all highly liquid debt instruments
        with
        original maturities at date of purchase not exceeding three months to be
        cash
        equivalents.</font></div>
      <div style="FONT-WEIGHT: bold; MARGIN: 0pt 0pt 6pt 10pt; TEXT-INDENT: -10pt; FONT-STYLE: italic"><strong><i><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">(c)
        Investments in
        Securities</font></i></strong></div>
      <div style="MARGIN: 0pt 0pt 12pt; TEXT-INDENT: 20pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">The
        Company
        classifies its investments in debt and marketable equity securities as
        available-for-sale. The Company invests primarily in asset-backed securities,
        auction rate securities and corporate notes. Available-for-sale securities
        are
        recorded at fair value. Unrealized holding gains and losses on
        available-for-sale securities are excluded from earnings and are reported
        as a
        separate component of accumulated other comprehensive income (loss) until
        realized. Realized gains and losses from the sale of available-for-sale
        securities are determined on a specific identification basis. If the fair
        value
        of a security in the portfolio is below its carrying value, the Company
        evaluates whether it has the intent and ability to retain the investment
        for a
        period of time sufficient to allow for recovery in the market value of the
        investment. In making a determination of whether an impairment is
        other-than-temporary the Company considers a number of factors, including
        the
        liquidity position and credit worthiness of the issuer of such securities.
        A
        decline in the market value of any available-for-sale security below cost
        that
        is deemed to be other than temporary results in a reduction in carrying amount
        to fair value. The impairment is charged to Other </font></div>
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      <div style="FONT-WEIGHT: bold; MARGIN: 0pt 0pt 24pt; LINE-HEIGHT: 16pt; TEXT-ALIGN: center"><strong><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">IMCLONE
        SYSTEMS
        INCORPORATED<br>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
        (Continued)</font></strong></div>
      <div style="MARGIN: 0pt 0pt 12pt; TEXT-INDENT: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">(income)
        expense
        and a new cost basis for the security is established. Dividend and interest
        income are recognized when earned.</font></div>
      <div style="FONT-WEIGHT: bold; MARGIN: 0pt 0pt 6pt 10pt; TEXT-INDENT: -10pt; FONT-STYLE: italic"><strong><i><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">(d)
        Inventories</font></i></strong></div>
      <div style="MARGIN: 0pt 0pt 12pt; TEXT-INDENT: 20pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Inventories
        are
        stated at the lower of cost or market. Cost is determined on the first-in
        first-out (FIFO) basis. The Company&#8217;s policy is to capitalize inventory product
        costs when, based on management&#8217;s judgment, future economic benefit is expected
        to be realized. The Company&#8217;s accounting policy addresses the attributes that
        should be considered in evaluating whether the costs to manufacture a product
        have met the definition of an asset as stipulated in Financial Accounting
        Standards Board (&#8220;FASB&#8221;) Concepts Statement No.&#160;6. If applicable, the
        Company assesses the regulatory and approval process including any known
        constraints and impediments to approval. The Company also considers the
        shelf-life of the product in relation to the expected timeline for approval.
        The
        Company reviews its inventory for excess or obsolete inventory and writes
        down
        obsolete or otherwise unmarketable inventory to its estimated net realizable
        value.</font></div>
      <div style="FONT-WEIGHT: bold; MARGIN: 0pt 0pt 6pt 10pt; TEXT-INDENT: -10pt; FONT-STYLE: italic"><strong><i><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">(e)
        Long-Lived
        Assets</font></i></strong></div>
      <div style="MARGIN: 0pt 0pt 6pt; TEXT-INDENT: 20pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Property,
        plant and
        equipment are stated at cost. Equipment under capital leases are stated at
        the
        present value of the minimum lease payments. Leasehold improvements are
        amortized on the straight-line method over the related lease term or the
        useful
        life of the improvement, whichever is shorter. Depreciation of fixed assets
        is
        provided on the straight-line method over the estimated useful life of the
        asset. Estimated useful lives are generally as follows: buildings 20 to 50
        years; manufacturing equipment 10 to 20 years; laboratory and other machinery
        and equipment 3 to 10 years; and furniture and fixtures 8 years.</font></div>
      <div style="MARGIN: 0pt 0pt 6pt; TEXT-INDENT: 20pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Patent
        and patent
        application costs that have been capitalized are amortized on a straight-line
        basis over their respective expected useful lives, up to a 15-year period.
        Gross
        patent costs were $1,888,000 and $2,080,000 at December&#160;31, 2006 and 2005,
        respectively. Accumulated amortization was $1,218,000 and $1,208,000 at
        December&#160;31, 2006 and 2005, respectively. Amortization expense was
        $121,000, $161,000 and $169,000 for the three years ended December&#160;31,
        2006, 2005 and 2004, respectively. Amortization expense is estimated to be
        $95,000 for each of the next five years. For the years ended December&#160;31,
        2006, 2005 and 2004 the Company had net patent write-offs of $81,000, $288,000,
        and $0, respectively, reflected in Marketing, general and administrative
        expenses on the Consolidated Statements of Operations.</font></div>
      <div style="MARGIN: 0pt 0pt 12pt; TEXT-INDENT: 20pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">The
        Company reviews
        long-lived assets for impairment when events or changes in business conditions
        indicate that their full carrying value may not be recovered. Assets are
        considered to be impaired and are written down to fair value if expected
        associated undiscounted cash flows are less than the carrying amounts. Fair
        value is generally the present value of the expected associated cash
        flows.</font></div>
      <div style="FONT-WEIGHT: bold; MARGIN: 0pt 0pt 6pt 10pt; TEXT-INDENT: -10pt; FONT-STYLE: italic"><strong><i><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">(f)
        Deferred
        Financing Costs</font></i></strong></div>
      <div style="FONT-SIZE: 10pt; MARGIN: 0pt 0pt 12pt; TEXT-INDENT: 20pt; FONT-FAMILY: Times New Roman"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Costs
        incurred in
        issuing the 1<font style="POSITION: relative; TOP: -3pt">3</font></font><font style="FONT-FAMILY: Symbol">&#164;</font>8%
        convertible senior notes are amortized
        and the 5&#189;% convertible subordinated notes that were outstanding until
        June&#160;2004, were amortized using the straight-line method over the shorter
        of: the term of the related instrument or the initial date on which the holders
        can require repurchase of the notes. The amortization of deferred financing
        costs is included in Interest expense in the Consolidated Statements of
        Operations. Upon redemption of the Company&#8217;s 5&#189;% convertible subordinated notes
        in 2004, the remaining unamortized deferred financing costs of approximately
        $1.2 million were reclassified to stockholders&#8217; equity.</div>
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      <div style="FONT-WEIGHT: bold; MARGIN: 0pt 0pt 24pt; LINE-HEIGHT: 16pt; TEXT-ALIGN: center"><strong><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">IMCLONE
        SYSTEMS
        INCORPORATED<br>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
        (Continued)</font></strong></div>
      <div style="FONT-WEIGHT: bold; MARGIN: 0pt 0pt 6pt 10pt; TEXT-INDENT: -10pt; FONT-STYLE: italic"><strong><i><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">(g)
        Revenue
        Recognition</font></i></strong></div>
      <div style="MARGIN: 0pt 0pt 6pt; TEXT-INDENT: 20pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">The
        Company
        recognizes all non-refundable up-front license fees as revenues in accordance
        with the guidance provided in the Securities and Exchange Commission&#8217;s (&#8220;SEC&#8221;)
        Staff Accounting Bulletin No.&#160;104, &#8220;Revenue Recognition, corrected copy&#8221;
(&#8220;SAB&#160;104&#8221;) and Emerging Issues Task Force (&#8220;EITF&#8221;)
        Issue&#160;No.&#160;00-21, &#8220;Revenue Arrangements with Multiple Deliverables&#8221;
(&#8220;EITF&#160;00-21&#8221;). Non-refundable fees received upon entering into license and
        other collaborative agreements where the Company has continuing involvement
        are
        recorded as deferred revenue and recognized over the estimated service period.
        Payments received under the Commercial Agreement are being deferred and
        recognized as revenue based on the percentage of actual product research
        and
        development costs incurred to date by both BMS and the Company to the estimated
        total of such costs to be incurred over the term of the agreement. Other
        than
        the Commercial Agreement, non-refundable milestone payments, which represent
        the
        achievement of a significant step in the research and development process,
        pursuant to collaborative agreements, are recognized as revenue upon the
        achievement of the specified milestone.</font></div>
      <div style="MARGIN: 0pt 0pt 6pt; TEXT-INDENT: 20pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Pursuant
        to the
        guidance in EITF Issues No.&#160;99-19, &#8220;Reporting Revenue Gross as a Principal
        versus Net as an Agent,&#8221; and No.&#160;01-14, &#8220;Income Statement Characterization
        of Reimbursements Received for &#8216;Out-of-Pocket&#8217; Expenses Incurred,&#8221; the Company
        characterizes reimbursements received for research and development, clinical
        and
        regulatory, royalty expense and marketing and administrative expenses incurred
        as Collaborative agreement revenue in the Consolidated Statements of Operations.
        In analyzing whether to categorize reimbursed expenses from the Company&#8217;s
        corporate partners as a) the gross amount billed or b) the net amount retained,
        the Company has analyzed the relevant facts and circumstances related to
        these
        expenses and considered the factors, as specified in the EITF Issues noted
        above. These expenses, which are associated with ERBITUX, are broader than
        would
        ordinarily result in central ongoing operations. These expenses have been
        incurred as a result of entering into the collaborative agreements that the
        Company has in place with its partners. In assessing whether revenue should
        be
        reported gross or net, the Company considered various factors, among them:
        (1)&#160;the Company is the primary obligor with respect to all expenses
        incurred and reimbursed; (2)&#160;the Company bears credit risk and inventory
        risk; (3)&#160;the Company bears responsibility for manufacturing the product
        and its specification; and (4)&#160;the Company has pricing latitude and
        supplier discretion. Based on the factors considered, the Company has concluded
        that costs reimbursed by its corporate partners should be characterized as
        revenue in its Consolidated Statements of Operations.</font></div>
      <div style="MARGIN: 0pt 0pt 6pt; TEXT-INDENT: 20pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Royalty
        revenue
        from licensees, which are based on third-party sales of licensed products
        and
        technology are earned in accordance with the contract terms when third-party
        sales can be reliably measured and collection of the funds is reasonably
        assured. Royalty revenue is recognized when earned and collection is
        probable.</font></div>
      <div style="MARGIN: 0pt 0pt 6pt; TEXT-INDENT: 20pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Manufacturing
        revenue consists of revenue earned on the sale of ERBITUX to the Company&#8217;s
        corporate partners for subsequent commercial sale. The Company recognizes
        manufacturing revenue when the product is shipped which is when the Company&#8217;s
        partners take ownership and title has passed, collectibility is reasonably
        assured, the sales price is fixed or determinable, and there is persuasive
        evidence of an arrangement.</font></div>
      <div style="MARGIN: 0pt 0pt 6pt; TEXT-INDENT: 20pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Collaborative
        agreement revenue consists of reimbursements received from BMS, E.R. Squibb
        and
        Merck KGaA related to clinical and regulatory studies, ERBITUX provided for
        use
        in clinical studies, certain marketing and administrative costs and a portion
        of
        royalty expense. Collaborative agreement revenue is recorded as earned based
        on
        the performance requirements under the respective contracts.</font></div>
      <div style="MARGIN: 0pt 0pt 6pt; TEXT-INDENT: 0pt">&#160;</div>
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        </div>
      </div><!--
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      1 05:13 2007' -->
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      <div style="FONT-WEIGHT: bold; MARGIN: 0pt 0pt 24pt; LINE-HEIGHT: 16pt; TEXT-ALIGN: center"><strong><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">IMCLONE
        SYSTEMS
        INCORPORATED<br>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
        (Continued)</font></strong></div>
      <div style="MARGIN: 0pt 0pt 12pt; TEXT-INDENT: 20pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Revenue
        recognized
        in the accompanying Consolidated Statements of Operations is not subject
        to
        repayment. Payments received that are related to future performance are
        classified as deferred revenue and recognized when the revenue is earned.
        Amounts receivable from the sale of inventories, reimbursement of expenses
        and
        royalty receivable are reflected in the Company&#8217;s Consolidated Balance Sheet as
        Amounts due from corporate partners and the cash flows associated with such
        revenues are classified in the Company&#8217;s Consolidated Statements of Cash Flows
        as operating activities.</font></div>
      <div style="FONT-WEIGHT: bold; MARGIN: 0pt 0pt 6pt 10pt; TEXT-INDENT: -10pt; FONT-STYLE: italic"><strong><i><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">(h)
        Foreign
        Currency Transactions</font></i></strong></div>
      <div style="MARGIN: 0pt 0pt 12pt; TEXT-INDENT: 20pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Gains
        and losses
        from foreign currency transactions, such as those resulting from the translation
        and settlement of receivables and payables denominated in foreign currencies,
        are included in the Consolidated Statements of Operations. The Company does
        not
        currently use derivative financial instruments to manage the risks associated
        with foreign currency fluctuations. The Company recorded gains on foreign
        currency transactions of approximately $20,000 for the year ended
        December&#160;31, 2005, and losses on foreign currency transactions of
        approximately $10,000 and $26,000 for the years ended December&#160;31, 2006 and
        2004, respectively. Gains and losses from foreign currency transactions are
        included as a component of operating expenses.</font></div>
      <div style="FONT-WEIGHT: bold; MARGIN: 0pt 0pt 6pt 10pt; TEXT-INDENT: -10pt; FONT-STYLE: italic"><strong><i><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">(i)
        Stock-Based
        Compensation Plans</font></i></strong></div>
      <div style="MARGIN: 0pt 0pt 12pt; TEXT-INDENT: 20pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">The
        Company has
        three types of stock-based compensation plans: stock option plans, an employee
        stock purchase plan, and effective as of January&#160;1, 2006, a retention plan.
        On January, 1, 2006, the Company adopted&#160; FASB Statement No.&#160;123
        (revised 2004), &#8220;Share-Based Payment&#8221; (&#8220;SFAS 123R&#8221;) using the modified
        prospective transition method. Under this method, prior periods are not revised
        for comparative purposes and the Company recognizes compensation cost using
        a
        fair-value based method for all share-based payments granted after
        December&#160;31, 2005, plus any awards granted to employees prior to
        December&#160;31, 2005 that remain unvested at that time. Prior to
        January&#160;1, 2006, the Company accounted for its share-based compensation
        plans in accordance with the provisions of Accounting Principles Board (&#8220;APB&#8221;)
        Opinion No.&#160;25, &#8220;Accounting for Stock Issued to Employees&#8221; (&#8220;APB
        No.&#160;25&#8221;), and related interpretations including FASB Interpretation
        No.&#160;44, &#8220;Accounting for Certain Transactions Involving Stock
        Compensation&#8212;An Interpretation of APB Opinion No.&#160;25&#8221; (FIN 44). On
        November&#160;10, 2005, the FASB issued FASB Staff Position
        No.&#160;FAS123(R)-3, &#8220;Transition Election Related to Accounting for Tax Effects
        of Share-Based Payment Awards.&#8221; The Company has elected to adopt the alternative
        transition method provided in this FASB Staff Position for purposes of
        calculating the pool of excess tax benefits available to absorb tax deficiencies
        recognized subsequent to the adoption of SFAS 123R.</font></div>
      <div style="FONT-WEIGHT: bold; MARGIN: 0pt 0pt 6pt 10pt; TEXT-INDENT: -10pt; FONT-STYLE: italic"><strong><i><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">(j)
        Research and
        Development and Clinical and Regulatory</font></i></strong></div>
      <div style="MARGIN: 0pt 0pt 12pt; TEXT-INDENT: 20pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Research
        and
        development and clinical and regulatory expenses are comprised of the following
        types of costs: salaries and benefits, allocated overhead and occupancy costs,
        clinical trial and related clinical manufacturing costs, contract services
        and
        other outside costs. These expenses also include costs related to activities
        performed on behalf of corporate partners that are subject to reimbursement.
        Research and development and clinical and regulatory costs are expensed as
        incurred. The Company is producing clinical and commercial grade ERBITUX
        in its
        BB36 and BB50 facilities. Prior to the receipt of approval of ERBITUX for
        commercial sale on February&#160;12, 2004, the Company had expensed all costs
        associated with the production of ERBITUX to research and development
        expense.</font></div>
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          <div style="WIDTH: 100%; TEXT-ALIGN: center">
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        </div>
      </div>
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    <div>
      <div style="FONT-WEIGHT: bold; MARGIN: 0pt 0pt 24pt; LINE-HEIGHT: 16pt; TEXT-ALIGN: center"><strong><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">IMCLONE
        SYSTEMS
        INCORPORATED<br>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
        (Continued)</font></strong></div>
      <div style="FONT-WEIGHT: bold; MARGIN: 0pt 0pt 6pt 10pt; TEXT-INDENT: -10pt; FONT-STYLE: italic"><strong><i><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">(k)
        Interest</font></i></strong></div>
      <div style="FONT-SIZE: 10pt; MARGIN: 0pt 0pt 6pt; TEXT-INDENT: 20pt; FONT-FAMILY: Times New Roman"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Interest
        costs are
        expensed as incurred, except to the extent such interest is related to
        construction in progress, in which case interest is capitalized. Interest
        costs
        capitalized for the years ended December&#160;31, 2006, 2005 and 2004 were
        approximately $2.6 million, $5.4 million, and $6.1 million, respectively.
        Interest expense includes the amortization of deferred financing costs
        associated with the Company&#8217;s 1<font style="POSITION: relative; TOP: -3pt">3</font></font><font style="FONT-FAMILY: Symbol">&#164;</font>8%
        convertible senior notes, and the 5&#189;%
        convertible subordinated notes until their redemption in June&#160;2004.</div>
      <div style="FONT-WEIGHT: bold; MARGIN: 0pt 0pt 6pt 10pt; TEXT-INDENT: -10pt; FONT-STYLE: italic"><strong><i><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">(l)
        Income
        Taxes</font></i></strong></div>
      <div style="MARGIN: 0pt 0pt 6pt; TEXT-INDENT: 20pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Income
        taxes are
        accounted for under the asset and liability method. Deferred tax assets and
        liabilities are recognized for the future tax consequences attributable to
        differences between the financial statement carrying amounts of existing
        assets
        and liabilities and their respective tax bases and operating loss and tax
        credit
        carryforwards. Deferred tax assets and liabilities are measured using enacted
        tax rates expected to apply to taxable income in the years in which those
        temporary differences are expected to be recovered or settled. The effect
        of a
        change in tax rates on deferred tax assets and liabilities is recognized
        in
        income or expense in the period that includes the enactment date of the rate
        change.</font></div>
      <div style="FONT-WEIGHT: bold; MARGIN: 0pt 0pt 6pt 10pt; TEXT-INDENT: -10pt; FONT-STYLE: italic"><strong><i><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">(m)
        Use of
        Estimates</font></i></strong></div>
      <div style="MARGIN: 0pt 0pt 6pt; TEXT-INDENT: 20pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Management
        of the
        Company has made a number of estimates and assumptions relating to the reporting
        of assets and liabilities and related revenue and expense accounts and the
        disclosure of contingent assets and liabilities to prepare these consolidated
        financial statements in conformity with U.S. generally accepted accounting
        principles. Actual results could differ materially from those
        estimates.</font></div>
      <div style="FONT-WEIGHT: bold; MARGIN: 0pt 0pt 6pt 10pt; TEXT-INDENT: -10pt; FONT-STYLE: italic"><strong><i><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">(n)
        Income Per
        Common Share</font></i></strong></div>
      <div style="MARGIN: 0pt 0pt 6pt; TEXT-INDENT: 20pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Basic
        income per
        common share is computed by dividing net income by the weighted-average number
        of common shares outstanding during the period. Diluted income per common
        share
        is computed by dividing net income by the weighted-average number of common
        shares outstanding during the period increased to include all additional
        common
        shares that would have been outstanding assuming potentially dilutive common
        share equivalents had been issued. Dilutive common share equivalents include
        1)
        the dilutive effect of in-the-money shares related to stock options, which
        is
        calculated based on the average share price for each period using the treasury
        stock method. Under the treasury stock method, the exercise price of an option,
        the average amount of compensation cost, if any, for future service that
        the
        Company has not yet recognized, and the amount of tax benefits that would
        be
        recorded in additional paid-in capital, if any, when the option is exercised,
        are assumed to be used to repurchase shares in the current period and
        2)&#160;the conversion of convertible debt which is calculated using an
&#8220;if-converted&#8221; basis. In addition, in computing the dilutive effect of
        convertible debt, the numerator is adjusted to add back the after-tax amount
        of
        interest recognized in the period.</font></div>
      <div style="FONT-WEIGHT: bold; MARGIN: 0pt 0pt 6pt 10pt; TEXT-INDENT: -10pt; FONT-STYLE: italic"><strong><i><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">(o)
        Comprehensive
        Income</font></i></strong></div>
      <div style="MARGIN: 0pt 0pt 6pt; TEXT-INDENT: 20pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Comprehensive
        income consists of net income and net unrealized gains (losses) on securities
        and is presented in the Consolidated Statements of Stockholders&#8217; Equity
        (Deficit). The tax (provision) benefit on the items included in Other
        comprehensive income (loss), assuming they were recognized in income, would
        be
        approximately $(772,000), $108,000 and $148,000 for the years ended
        December&#160;31, 2006, 2005 and 2004, respectively.</font></div>
      <div style="FONT-WEIGHT: bold; MARGIN: 0pt 0pt 6pt 10pt; TEXT-INDENT: -10pt; FONT-STYLE: italic"><strong><i><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">(p)
        Legal Defense
        Costs</font></i></strong></div>
      <div style="MARGIN: 0pt 0pt 6pt; TEXT-INDENT: 20pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Legal
        defense costs
        are expensed as incurred.</font></div>
      <div style="MARGIN: 0pt 0pt 6pt; TEXT-INDENT: 0pt">&#160;</div>
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          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
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          </div>
        </div>
      </div><!--
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      1 04:14 2007' -->
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      <div style="FONT-WEIGHT: bold; MARGIN: 0pt 0pt 24pt; LINE-HEIGHT: 16pt; TEXT-ALIGN: center"><strong><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">IMCLONE
        SYSTEMS
        INCORPORATED<br>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
        (Continued)</font></strong></div>
      <div style="FONT-WEIGHT: bold; MARGIN: 0pt 0pt 6pt 10pt; TEXT-INDENT: -10pt; FONT-STYLE: italic"><strong><i><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">(q)
        Impact of
        Recent Accounting Pronouncements</font></i></strong></div>
      <div style="MARGIN: 0pt 0pt 6pt; TEXT-INDENT: 20pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">In
        June&#160;2006,
        the FASB issued FASB Interpretation No.&#160;48, &#8220;Accounting for Uncertainty in
        Income Taxes&#8212;an interpretation of FASB Statement No.&#160;109.&#8221; This
        Interpretation clarifies the accounting for uncertainty in income taxes
        recognized in an enterprise&#8217;s financial statements in accordance with FASB
        No.&#160;109 and prescribes a recognition threshold and measurement attribute
        for the financial statement recognition and measurement of a tax position
        taken
        or expected to be taken in a tax return. This Interpretation also provides
        guidance on derecognition, classification, interest and penalties, accounting
        in
        interim periods, disclosure, and transition. This Interpretation is effective
        for fiscal years beginning after December&#160;15, 2006. The Company has
        reviewed its tax positions and does not expect that the Interpretation will
        have
        a material impact on its results of operations or financial
        position.</font></div>
      <div style="FONT-WEIGHT: bold; FONT-SIZE: 10pt; MARGIN: 0pt 0pt 6pt 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: Times New Roman"><strong><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">(3)</font></strong><font style="FONT-FAMILY: Times New Roman">&#160;&#160;
</font>Securities
        Available
        for Sale<a name="a3SecuritiesAvailableForSale_203717"/></div>
      <div style="MARGIN: 0pt 0pt 6pt; TEXT-INDENT: 20pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">The
        securities
        available for sale by major security type at December&#160;31, 2006 and 2005
        were as follows: (in thousands)</font></div>
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                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
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                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
              </td>
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                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
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                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center"><strong><font style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman" size="1">Gross</font></strong></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
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                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center"><strong><font style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman" size="1">Gross</font></strong></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="62" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 46.5pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
              </td>
              <td valign="bottom" width="3" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 1.9pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
              </td>
            </tr>
            <tr style="page-break-inside: avoid;">
              <td colspan="3" valign="bottom" width="263" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 196.9pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 11.95pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
              </td>
              <td colspan="4" valign="bottom" width="73" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 55.05pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
              </td>
              <td colspan="4" valign="bottom" width="69" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 51.8pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center"><strong><font style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman" size="1">Unrealized</font></strong></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
              </td>
              <td colspan="4" valign="bottom" width="73" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 54.45pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center"><strong><font style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman" size="1">Unrealized</font></strong></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="62" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 46.5pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
              </td>
              <td valign="bottom" width="3" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 1.9pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
              </td>
            </tr>
            <tr style="page-break-inside: avoid;">
              <td valign="bottom" width="88" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 66.1pt; padding-top: 0pt; border-bottom: windowtext 1pt solid;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: left" align="left"><strong><font style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman" size="1">December&#160;31,&#160;2006</font></strong></div>
              </td>
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                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
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              <td valign="bottom" width="168" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 125.8pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 11.95pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
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              <td colspan="4" valign="bottom" width="73" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 55.05pt; padding-top: 0pt; border-bottom: windowtext 1pt solid;">
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
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              <td colspan="4" valign="bottom" width="69" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 51.8pt; padding-top: 0pt; border-bottom: windowtext 1pt solid;">
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
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              <td colspan="4" valign="bottom" width="73" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 54.45pt; padding-top: 0pt; border-bottom: windowtext 1pt solid;">
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
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              <td colspan="2" valign="bottom" width="62" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 46.5pt; padding-top: 0pt; border-bottom: windowtext 1pt solid;">
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              <td valign="bottom" width="3" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 1.9pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
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            <tr bgcolor="#cceeff" style="page-break-inside: avoid;">
              <td colspan="3" valign="top" width="263" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 196.9pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt 0pt 0pt 10pt; TEXT-INDENT: -10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Asset-backed
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              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 11.95pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 4.25pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="7" style="padding-right: 0pt; padding-left: 0pt; padding-bottom: 0pt; width: 5pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: left" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">$</font></div>
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              <td valign="bottom" width="55" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 41.5pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">397,400</font></div>
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              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 4.3pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="24" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 17.65pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="7" style="padding-right: 0pt; padding-left: 0pt; padding-bottom: 0pt; width: 5pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: left" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">$</font></div>
              </td>
              <td valign="bottom" width="15" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 11.5pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">&#8212;</font></div>
              </td>
              <td valign="bottom" width="24" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 17.65pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="14" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 10.7pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="7" style="padding-right: 0pt; padding-left: 0pt; padding-bottom: 0pt; width: 5pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: left" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">$</font></div>
              </td>
              <td valign="bottom" width="37" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 27.85pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">(5,062</font></div>
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              <td valign="bottom" width="15" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 10.9pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">)</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="7" style="padding-right: 0pt; padding-left: 0pt; padding-bottom: 0pt; width: 5pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: left" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">$</font></div>
              </td>
              <td valign="bottom" width="55" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 41.5pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">392,338</font></div>
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              <td valign="bottom" width="3" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 1.9pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
            </tr>
            <tr style="page-break-inside: avoid;">
              <td colspan="3" valign="top" width="263" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 196.9pt; padding-top: 0pt;">
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              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 11.95pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 4.25pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="62" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 46.5pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">1,802</font></div>
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              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 4.3pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="24" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 17.65pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="22" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 16.5pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">&#8212;</font></div>
              </td>
              <td valign="bottom" width="24" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 17.65pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="14" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 10.7pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="44" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 32.85pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">(1</font></div>
              </td>
              <td valign="bottom" width="15" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 10.9pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">)</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="62" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 46.5pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">1,801</font></div>
              </td>
              <td valign="bottom" width="3" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 1.9pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
            </tr>
            <tr bgcolor="#cceeff" style="page-break-inside: avoid;">
              <td colspan="3" valign="top" width="263" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 196.9pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt 0pt 0pt 10pt; TEXT-INDENT: -10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Auction
                  rate
                  securities</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 11.95pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 4.25pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="62" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 46.5pt; padding-top: 0pt; border-bottom: windowtext 1pt solid;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">629,470</font></div>
              </td>
              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 4.3pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="24" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 17.65pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="22" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 16.5pt; padding-top: 0pt; border-bottom: windowtext 1pt solid;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">&#8212;</font></div>
              </td>
              <td valign="bottom" width="24" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 17.65pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="14" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 10.7pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="44" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 32.85pt; padding-top: 0pt; border-bottom: windowtext 1pt solid;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">&#8212;</font></div>
              </td>
              <td valign="bottom" width="15" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 10.9pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="62" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 46.5pt; padding-top: 0pt; border-bottom: windowtext 1pt solid;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">629,470</font></div>
              </td>
              <td valign="bottom" width="3" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 1.9pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
            </tr>
            <tr style="page-break-inside: avoid;">
              <td colspan="3" valign="top" width="263" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 196.9pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt 0pt 0pt 10pt; TEXT-INDENT: -10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Total
                  securities available for sale</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 11.95pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 4.25pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="7" style="border-right: medium none; padding-right: 0pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 5pt; padding-top: 0pt; border-bottom: windowtext 2.25pt double;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: left" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">$</font></div>
              </td>
              <td valign="bottom" width="55" style="border-right: medium none; padding-right: 0.7pt; border-top: windowtext 1pt solid; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 41.5pt; padding-top: 0pt; border-bottom: windowtext 2.25pt double;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">1,028,672</font></div>
              </td>
              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 4.3pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="24" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 17.65pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="7" style="border-right: medium none; padding-right: 0pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 5pt; padding-top: 0pt; border-bottom: windowtext 2.25pt double;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: left" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">$</font></div>
              </td>
              <td valign="bottom" width="15" style="border-right: medium none; padding-right: 0.7pt; border-top: windowtext 1pt solid; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 11.5pt; padding-top: 0pt; border-bottom: windowtext 2.25pt double;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">&#8212;</font></div>
              </td>
              <td valign="bottom" width="24" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 17.65pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="14" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 10.7pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="7" style="border-right: medium none; padding-right: 0pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 5pt; padding-top: 0pt; border-bottom: windowtext 2.25pt double;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: left" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">$</font></div>
              </td>
              <td valign="bottom" width="37" style="border-right: medium none; padding-right: 0.7pt; border-top: windowtext 1pt solid; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 27.85pt; padding-top: 0pt; border-bottom: windowtext 2.25pt double;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">(5,063</font></div>
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              <td valign="bottom" width="15" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 1.125pt; width: 10.9pt; padding-top: 0pt;">
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
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              <td width="24" style="border-right: medium none; border-top: medium none; border-left: medium none; border-bottom: medium none;">
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              <td width="7" style="border-right: medium none; border-top: medium none; border-left: medium none; border-bottom: medium none;">
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                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
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                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
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                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
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              <td valign="bottom" width="2" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 1.7pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
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                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
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              <td valign="bottom" width="178" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 133.4pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
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              <td colspan="4" valign="bottom" width="73" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 55.05pt; padding-top: 0pt; border-bottom: windowtext 1pt solid;">
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                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
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                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
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              <td colspan="4" valign="bottom" width="72" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 54.3pt; padding-top: 0pt; border-bottom: windowtext 1pt solid;">
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                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
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              <td colspan="2" valign="bottom" width="52" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 39pt; padding-top: 0pt; border-bottom: windowtext 1pt solid;">
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              <td valign="bottom" width="2" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 1.7pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
              </td>
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            <tr bgcolor="#cceeff" style="page-break-inside: avoid;">
              <td colspan="3" valign="top" width="273" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 204.5pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt 0pt 0pt 10pt; TEXT-INDENT: -10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Asset-backed
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="11" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 8pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="7" style="padding-right: 0pt; padding-left: 0pt; padding-bottom: 0pt; width: 5pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: left" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">$</font></div>
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              <td valign="bottom" width="45" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 34pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">552,400</font></div>
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              <td valign="bottom" width="11" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 8.05pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="24" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 17.65pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="7" style="padding-right: 0pt; padding-left: 0pt; padding-bottom: 0pt; width: 5pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: left" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">$</font></div>
              </td>
              <td valign="bottom" width="15" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 11.5pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">&#8212;</font></div>
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              <td valign="bottom" width="24" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 17.65pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="14" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 10.7pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="7" style="padding-right: 0pt; padding-left: 0pt; padding-bottom: 0pt; width: 5pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: left" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">$</font></div>
              </td>
              <td valign="bottom" width="37" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 27.85pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">(9,132</font></div>
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              <td valign="bottom" width="14" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 10.75pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">)</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="7" style="padding-right: 0pt; padding-left: 0pt; padding-bottom: 0pt; width: 5pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: left" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">$</font></div>
              </td>
              <td valign="bottom" width="45" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 34pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">543,268</font></div>
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              <td valign="bottom" width="2" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 1.7pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
            </tr>
            <tr style="page-break-inside: avoid;">
              <td colspan="3" valign="top" width="273" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 204.5pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt 0pt 0pt 10pt; TEXT-INDENT: -10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Foreign
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="11" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 8pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="52" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 39pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">3,662</font></div>
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              <td valign="bottom" width="11" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 8.05pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="24" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 17.65pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="22" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 16.5pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">&#8212;</font></div>
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              <td valign="bottom" width="24" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 17.65pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="14" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 10.7pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
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              <td colspan="2" valign="bottom" width="44" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 32.85pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">(9</font></div>
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              <td valign="bottom" width="14" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 10.75pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">)</font></div>
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
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              <td colspan="2" valign="bottom" width="52" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 39pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">3,653</font></div>
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              <td valign="bottom" width="2" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 1.7pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
            </tr>
            <tr bgcolor="#cceeff" style="page-break-inside: avoid;">
              <td colspan="3" valign="top" width="273" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 204.5pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt 0pt 0pt 10pt; TEXT-INDENT: -10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Auction
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                  securities</font></div>
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="11" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 8pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="52" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 39pt; padding-top: 0pt; border-bottom: windowtext 1pt solid;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">206,052</font></div>
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              <td valign="bottom" width="11" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 8.05pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="24" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 17.65pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="22" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 16.5pt; padding-top: 0pt; border-bottom: windowtext 1pt solid;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">&#8212;</font></div>
              </td>
              <td valign="bottom" width="24" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 17.65pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="14" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 10.7pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="44" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 32.85pt; padding-top: 0pt; border-bottom: windowtext 1pt solid;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">&#8212;</font></div>
              </td>
              <td valign="bottom" width="14" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 10.75pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="52" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 39pt; padding-top: 0pt; border-bottom: windowtext 1pt solid;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">206,052</font></div>
              </td>
              <td valign="bottom" width="2" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 1.7pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
            </tr>
            <tr style="page-break-inside: avoid;">
              <td colspan="3" valign="top" width="273" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 204.5pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt 0pt 0pt 10pt; TEXT-INDENT: -10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Total
                  securities available for sale</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="11" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 8pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="7" style="border-right: medium none; padding-right: 0pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 5pt; padding-top: 0pt; border-bottom: windowtext 2.25pt double;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: left" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">$</font></div>
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              <td valign="bottom" width="45" style="border-right: medium none; padding-right: 0.7pt; border-top: windowtext 1pt solid; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 34pt; padding-top: 0pt; border-bottom: windowtext 2.25pt double;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">762,114</font></div>
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              <td valign="bottom" width="11" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 8.05pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="24" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 17.65pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="7" style="border-right: medium none; padding-right: 0pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 5pt; padding-top: 0pt; border-bottom: windowtext 2.25pt double;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: left" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">$</font></div>
              </td>
              <td valign="bottom" width="15" style="border-right: medium none; padding-right: 0.7pt; border-top: windowtext 1pt solid; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 11.5pt; padding-top: 0pt; border-bottom: windowtext 2.25pt double;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">&#8212;</font></div>
              </td>
              <td valign="bottom" width="24" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 17.65pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="14" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 10.7pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="7" style="border-right: medium none; padding-right: 0pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 5pt; padding-top: 0pt; border-bottom: windowtext 2.25pt double;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: left" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">$</font></div>
              </td>
              <td valign="bottom" width="37" style="border-right: medium none; padding-right: 0.7pt; border-top: windowtext 1pt solid; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 27.85pt; padding-top: 0pt; border-bottom: windowtext 2.25pt double;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">(9,141</font></div>
              </td>
              <td valign="bottom" width="14" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 1.125pt; width: 10.75pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">)</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="7" style="border-right: medium none; padding-right: 0pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 5pt; padding-top: 0pt; border-bottom: windowtext 2.25pt double;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: left" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">$</font></div>
              </td>
              <td valign="bottom" width="45" style="border-right: medium none; padding-right: 0.7pt; border-top: windowtext 1pt solid; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 34pt; padding-top: 0pt; border-bottom: windowtext 2.25pt double;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">752,973</font></div>
              </td>
              <td valign="bottom" width="2" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 1.7pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
            </tr>
            <tr>
              <td width="88" style="border-right: medium none; border-top: medium none; border-left: medium none; border-bottom: medium none;">
              </td>
              <td width="7" style="border-right: medium none; border-top: medium none; border-left: medium none; border-bottom: medium none;">
              </td>
              <td width="178" style="border-right: medium none; border-top: medium none; border-left: medium none; border-bottom: medium none;">
              </td>
              <td width="16" style="border-right: medium none; border-top: medium none; border-left: medium none; border-bottom: medium none;">
              </td>
              <td width="11" style="border-right: medium none; border-top: medium none; border-left: medium none; border-bottom: medium none;">
              </td>
              <td width="7" style="border-right: medium none; border-top: medium none; border-left: medium none; border-bottom: medium none;">
              </td>
              <td width="45" style="border-right: medium none; border-top: medium none; border-left: medium none; border-bottom: medium none;">
              </td>
              <td width="11" style="border-right: medium none; border-top: medium none; border-left: medium none; border-bottom: medium none;">
              </td>
              <td width="16" style="border-right: medium none; border-top: medium none; border-left: medium none; border-bottom: medium none;">
              </td>
              <td width="24" style="border-right: medium none; border-top: medium none; border-left: medium none; border-bottom: medium none;">
              </td>
              <td width="7" style="border-right: medium none; border-top: medium none; border-left: medium none; border-bottom: medium none;">
              </td>
              <td width="15" style="border-right: medium none; border-top: medium none; border-left: medium none; border-bottom: medium none;">
              </td>
              <td width="24" style="border-right: medium none; border-top: medium none; border-left: medium none; border-bottom: medium none;">
              </td>
              <td width="16" style="border-right: medium none; border-top: medium none; border-left: medium none; border-bottom: medium none;">
              </td>
              <td width="14" style="border-right: medium none; border-top: medium none; border-left: medium none; border-bottom: medium none;">
              </td>
              <td width="7" style="border-right: medium none; border-top: medium none; border-left: medium none; border-bottom: medium none;">
              </td>
              <td width="37" style="border-right: medium none; border-top: medium none; border-left: medium none; border-bottom: medium none;">
              </td>
              <td width="14" style="border-right: medium none; border-top: medium none; border-left: medium none; border-bottom: medium none;">
              </td>
              <td width="16" style="border-right: medium none; border-top: medium none; border-left: medium none; border-bottom: medium none;">
              </td>
              <td width="7" style="border-right: medium none; border-top: medium none; border-left: medium none; border-bottom: medium none;">
              </td>
              <td width="45" style="border-right: medium none; border-top: medium none; border-left: medium none; border-bottom: medium none;">
              </td>
              <td width="2" style="border-right: medium none; border-top: medium none; border-left: medium none; border-bottom: medium none;">
              </td>
            </tr>

        </table>
      </div>
      <div style="MARGIN: 0pt 0pt 6pt; LINE-HEIGHT: 1pt">&#160;</div>
      <div style="MARGIN: 0pt 0pt 12pt; TEXT-INDENT: 20pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Unrealized
        loss
        positions for which other-than-temporary impairments have not been recognized
        at
        December&#160;31, 2006 and 2005, is summarized below (in
        thousands):</font></div>
      <div align="center">
        <table bgcolor="white" border="0" cellpadding="0" cellspacing="0" style="BACKGROUND: white; BORDER-COLLAPSE: collapse">

            <tr style="page-break-inside: avoid;">
              <td colspan="3" valign="bottom" width="177" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 132.4pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 11.95pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
              </td>
              <td colspan="7" valign="bottom" width="122" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 91.5pt; padding-top: 0pt; border-bottom: windowtext 1pt solid;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center"><strong><font style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman" size="1">Less&#160;Than&#160;12&#160;Months</font></strong></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
              </td>
              <td colspan="7" valign="bottom" width="122" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 91.5pt; padding-top: 0pt; border-bottom: windowtext 1pt solid;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center"><strong><font style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman" size="1">12&#160;Months&#160;or&#160;Greater</font></strong></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
              </td>
              <td colspan="7" valign="bottom" width="122" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 91.5pt; padding-top: 0pt; border-bottom: windowtext 1pt solid;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center"><strong><font style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman" size="1">Total</font></strong></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
              </td>
            </tr>
            <tr style="page-break-inside: avoid;">
              <td colspan="3" valign="bottom" width="177" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 132.4pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 11.95pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="52" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 39pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center"><strong><font style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman" size="1">Fair</font></strong></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
              </td>
              <td colspan="4" valign="bottom" width="54" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 40.5pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center"><strong><font style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman" size="1">Unrealized</font></strong></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="52" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 39pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center"><strong><font style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman" size="1">Fair</font></strong></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
              </td>
              <td colspan="4" valign="bottom" width="54" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 40.5pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center"><strong><font style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman" size="1">Unrealized</font></strong></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="52" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 39pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center"><strong><font style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman" size="1">Fair</font></strong></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
              </td>
              <td colspan="4" valign="bottom" width="54" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 40.5pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center"><strong><font style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman" size="1">Unrealized</font></strong></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
              </td>
            </tr>
            <tr style="page-break-inside: avoid;">
              <td valign="bottom" width="88" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 66.1pt; padding-top: 0pt; border-bottom: windowtext 1pt solid;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: left" align="left"><strong><font style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman" size="1">December&#160;31,&#160;2006</font></strong></div>
              </td>
              <td valign="bottom" width="7" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 5pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
              </td>
              <td valign="bottom" width="82" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 61.3pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 11.95pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="52" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 39pt; padding-top: 0pt; border-bottom: windowtext 1pt solid;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center"><strong><font style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman" size="1">Value</font></strong></div>
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
              </td>
              <td colspan="4" valign="bottom" width="54" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 40.5pt; padding-top: 0pt; border-bottom: windowtext 1pt solid;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center"><strong><font style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman" size="1">Losses</font></strong></div>
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="52" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 39pt; padding-top: 0pt; border-bottom: windowtext 1pt solid;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center"><strong><font style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman" size="1">Value</font></strong></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
              </td>
              <td colspan="4" valign="bottom" width="54" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 40.5pt; padding-top: 0pt; border-bottom: windowtext 1pt solid;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center"><strong><font style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman" size="1">Losses</font></strong></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="52" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 39pt; padding-top: 0pt; border-bottom: windowtext 1pt solid;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center"><strong><font style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman" size="1">Value</font></strong></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
              </td>
              <td colspan="4" valign="bottom" width="54" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 40.5pt; padding-top: 0pt; border-bottom: windowtext 1pt solid;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center"><strong><font style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman" size="1">Losses</font></strong></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
              </td>
            </tr>
            <tr bgcolor="#cceeff" style="page-break-inside: avoid;">
              <td colspan="3" valign="top" width="177" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 132.4pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt 0pt 0pt 10pt; TEXT-INDENT: -10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Asset-backed
                  securities</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 11.95pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="7" style="padding-right: 0pt; padding-left: 0pt; padding-bottom: 0pt; width: 5pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: left" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">$</font></div>
              </td>
              <td valign="bottom" width="45" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 34pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">210,374</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="4" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 3pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="7" style="padding-right: 0pt; padding-left: 0pt; padding-bottom: 0pt; width: 5pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: left" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">$</font></div>
              </td>
              <td valign="bottom" width="37" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 27.85pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">(2,026</font></div>
              </td>
              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 4.65pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">)</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="7" style="padding-right: 0pt; padding-left: 0pt; padding-bottom: 0pt; width: 5pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: left" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">$</font></div>
              </td>
              <td valign="bottom" width="45" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 34pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">181,964</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="4" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 3pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="7" style="padding-right: 0pt; padding-left: 0pt; padding-bottom: 0pt; width: 5pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: left" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">$</font></div>
              </td>
              <td valign="bottom" width="37" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 27.85pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">(3,036</font></div>
              </td>
              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 4.65pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">)</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="7" style="padding-right: 0pt; padding-left: 0pt; padding-bottom: 0pt; width: 5pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: left" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">$</font></div>
              </td>
              <td valign="bottom" width="45" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 34pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">392,338</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="4" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 3pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="7" style="padding-right: 0pt; padding-left: 0pt; padding-bottom: 0pt; width: 5pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: left" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">$</font></div>
              </td>
              <td valign="bottom" width="37" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 27.85pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">(5,062</font></div>
              </td>
              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 4.65pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">)</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
            </tr>
            <tr style="page-break-inside: avoid;">
              <td colspan="3" valign="top" width="177" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 132.4pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt 0pt 0pt 10pt; TEXT-INDENT: -10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Foreign
                  corporate debt</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 11.95pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="52" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 39pt; padding-top: 0pt; border-bottom: windowtext 1pt solid;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">&#8212;</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="4" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 3pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="44" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 32.85pt; padding-top: 0pt; border-bottom: windowtext 1pt solid;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">&#8212;</font></div>
              </td>
              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 4.65pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="52" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 39pt; padding-top: 0pt; border-bottom: windowtext 1pt solid;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">1,801</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="4" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 3pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="44" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 32.85pt; padding-top: 0pt; border-bottom: windowtext 1pt solid;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">(1</font></div>
              </td>
              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0.375pt; width: 4.65pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">)</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="52" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 39pt; padding-top: 0pt; border-bottom: windowtext 1pt solid;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">1,801</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="4" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 3pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="44" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 32.85pt; padding-top: 0pt; border-bottom: windowtext 1pt solid;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">(1</font></div>
              </td>
              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0.375pt; width: 4.65pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">)</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
            </tr>
            <tr bgcolor="#cceeff" style="page-break-inside: avoid;">
              <td colspan="3" valign="top" width="177" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 132.4pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt 0pt 0pt 10pt; TEXT-INDENT: -10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Total</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 11.95pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="7" style="border-right: medium none; padding-right: 0pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 5pt; padding-top: 0pt; border-bottom: windowtext 2.25pt double;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: left" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">$</font></div>
              </td>
              <td valign="bottom" width="45" style="border-right: medium none; padding-right: 0.7pt; border-top: windowtext 1pt solid; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 34pt; padding-top: 0pt; border-bottom: windowtext 2.25pt double;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">210,374</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="4" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 3pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="7" style="border-right: medium none; padding-right: 0pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 5pt; padding-top: 0pt; border-bottom: windowtext 2.25pt double;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: left" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">$</font></div>
              </td>
              <td valign="bottom" width="37" style="border-right: medium none; padding-right: 0.7pt; border-top: windowtext 1pt solid; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 27.85pt; padding-top: 0pt; border-bottom: windowtext 2.25pt double;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">(2,026</font></div>
              </td>
              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 1.125pt; width: 4.65pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">)</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="7" style="border-right: medium none; padding-right: 0pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 5pt; padding-top: 0pt; border-bottom: windowtext 2.25pt double;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: left" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">$</font></div>
              </td>
              <td valign="bottom" width="45" style="border-right: medium none; padding-right: 0.7pt; border-top: windowtext 1pt solid; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 34pt; padding-top: 0pt; border-bottom: windowtext 2.25pt double;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">183,765</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="4" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 3pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
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              <td valign="bottom" width="7" style="border-right: medium none; padding-right: 0pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 5pt; padding-top: 0pt; border-bottom: windowtext 2.25pt double;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: left" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">$</font></div>
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                <div style="MARGIN: 0pt">&#160;</div>
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              <td valign="bottom" width="7" style="border-right: medium none; padding-right: 0pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 5pt; padding-top: 0pt; border-bottom: windowtext 2.25pt double;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: left" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">$</font></div>
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
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              <td valign="bottom" width="4" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 3pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
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              <td valign="bottom" width="7" style="border-right: medium none; padding-right: 0pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 5pt; padding-top: 0pt; border-bottom: windowtext 2.25pt double;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: left" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">$</font></div>
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
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            <tr>
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              <td width="7" style="border-right: medium none; border-top: medium none; border-left: medium none; border-bottom: medium none;">
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              <td width="82" style="border-right: medium none; border-top: medium none; border-left: medium none; border-bottom: medium none;">
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              <td width="6" style="border-right: medium none; border-top: medium none; border-left: medium none; border-bottom: medium none;">
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              <td width="16" style="border-right: medium none; border-top: medium none; border-left: medium none; border-bottom: medium none;">
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              <td width="7" style="border-right: medium none; border-top: medium none; border-left: medium none; border-bottom: medium none;">
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              <td width="37" style="border-right: medium none; border-top: medium none; border-left: medium none; border-bottom: medium none;">
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              <td width="6" style="border-right: medium none; border-top: medium none; border-left: medium none; border-bottom: medium none;">
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              <td width="16" style="border-right: medium none; border-top: medium none; border-left: medium none; border-bottom: medium none;">
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              <td width="7" style="border-right: medium none; border-top: medium none; border-left: medium none; border-bottom: medium none;">
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              <td width="45" style="border-right: medium none; border-top: medium none; border-left: medium none; border-bottom: medium none;">
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              <td width="16" style="border-right: medium none; border-top: medium none; border-left: medium none; border-bottom: medium none;">
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              <td width="4" style="border-right: medium none; border-top: medium none; border-left: medium none; border-bottom: medium none;">
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              <td width="7" style="border-right: medium none; border-top: medium none; border-left: medium none; border-bottom: medium none;">
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              <td width="37" style="border-right: medium none; border-top: medium none; border-left: medium none; border-bottom: medium none;">
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              <td width="6" style="border-right: medium none; border-top: medium none; border-left: medium none; border-bottom: medium none;">
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              <td width="16" style="border-right: medium none; border-top: medium none; border-left: medium none; border-bottom: medium none;">
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      <div style="MARGIN: 0pt 0pt 12pt; LINE-HEIGHT: 1pt">&#160;</div>
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        <table bgcolor="white" border="0" cellpadding="0" cellspacing="0" style="BACKGROUND: white; BORDER-COLLAPSE: collapse">

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              <td colspan="3" valign="bottom" width="177" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 132.45pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
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              <td colspan="7" valign="bottom" width="122" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 91.5pt; padding-top: 0pt; border-bottom: windowtext 1pt solid;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center"><strong><font style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman" size="1">Less&#160;Than&#160;12&#160;Months</font></strong></div>
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
              </td>
              <td colspan="7" valign="bottom" width="122" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 91.5pt; padding-top: 0pt; border-bottom: windowtext 1pt solid;">
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
              </td>
              <td colspan="7" valign="bottom" width="122" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 91.5pt; padding-top: 0pt; border-bottom: windowtext 1pt solid;">
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
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              <td colspan="3" valign="bottom" width="177" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 132.45pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="52" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 39pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center"><strong><font style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman" size="1">Fair</font></strong></div>
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
              </td>
              <td colspan="4" valign="bottom" width="54" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 40.5pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center"><strong><font style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman" size="1">Unrealized</font></strong></div>
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
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              <td colspan="2" valign="bottom" width="52" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 39pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center"><strong><font style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman" size="1">Fair</font></strong></div>
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
              </td>
              <td colspan="4" valign="bottom" width="54" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 40.5pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center"><strong><font style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman" size="1">Unrealized</font></strong></div>
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="52" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 39pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center"><strong><font style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman" size="1">Fair</font></strong></div>
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
              </td>
              <td colspan="4" valign="bottom" width="54" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 40.5pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center"><strong><font style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman" size="1">Unrealized</font></strong></div>
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
              </td>
            </tr>
            <tr style="page-break-inside: avoid;">
              <td valign="bottom" width="88" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 66.1pt; padding-top: 0pt; border-bottom: windowtext 1pt solid;">
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              <td valign="bottom" width="7" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 5pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
              </td>
              <td valign="bottom" width="82" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 61.35pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="52" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 39pt; padding-top: 0pt; border-bottom: windowtext 1pt solid;">
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
              </td>
              <td colspan="4" valign="bottom" width="54" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 40.5pt; padding-top: 0pt; border-bottom: windowtext 1pt solid;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center"><strong><font style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman" size="1">Losses</font></strong></div>
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="52" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 39pt; padding-top: 0pt; border-bottom: windowtext 1pt solid;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center"><strong><font style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman" size="1">Value</font></strong></div>
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
              </td>
              <td colspan="4" valign="bottom" width="54" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 40.5pt; padding-top: 0pt; border-bottom: windowtext 1pt solid;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center"><strong><font style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman" size="1">Losses</font></strong></div>
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="52" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 39pt; padding-top: 0pt; border-bottom: windowtext 1pt solid;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center"><strong><font style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman" size="1">Value</font></strong></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
              </td>
              <td colspan="4" valign="bottom" width="54" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 40.5pt; padding-top: 0pt; border-bottom: windowtext 1pt solid;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center"><strong><font style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman" size="1">Losses</font></strong></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
              </td>
            </tr>
            <tr bgcolor="#cceeff" style="page-break-inside: avoid;">
              <td colspan="3" valign="top" width="177" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 132.45pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt 0pt 0pt 10pt; TEXT-INDENT: -10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Asset-backed
                  securities</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="7" style="padding-right: 0pt; padding-left: 0pt; padding-bottom: 0pt; width: 5pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: left" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">$</font></div>
              </td>
              <td valign="bottom" width="45" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 34pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">228,754</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="4" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 3pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="7" style="padding-right: 0pt; padding-left: 0pt; padding-bottom: 0pt; width: 5pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: left" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">$</font></div>
              </td>
              <td valign="bottom" width="37" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 27.85pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">(3,646</font></div>
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              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 4.65pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">)</font></div>
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="7" style="padding-right: 0pt; padding-left: 0pt; padding-bottom: 0pt; width: 5pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: left" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">$</font></div>
              </td>
              <td valign="bottom" width="45" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 34pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">314,514</font></div>
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="4" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 3pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="7" style="padding-right: 0pt; padding-left: 0pt; padding-bottom: 0pt; width: 5pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: left" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">$</font></div>
              </td>
              <td valign="bottom" width="37" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 27.85pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">(5,486</font></div>
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              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 4.65pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">)</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="7" style="padding-right: 0pt; padding-left: 0pt; padding-bottom: 0pt; width: 5pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: left" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">$</font></div>
              </td>
              <td valign="bottom" width="45" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 34pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">543,268</font></div>
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="4" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 3pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="7" style="padding-right: 0pt; padding-left: 0pt; padding-bottom: 0pt; width: 5pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: left" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">$</font></div>
              </td>
              <td valign="bottom" width="37" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 27.85pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">(9,132</font></div>
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              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 4.65pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">)</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
            </tr>
            <tr style="page-break-inside: avoid;">
              <td colspan="3" valign="top" width="177" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 132.45pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt 0pt 0pt 10pt; TEXT-INDENT: -10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Foreign
                  corporate debt</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="52" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 39pt; padding-top: 0pt; border-bottom: windowtext 1pt solid;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">&#8212;</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="4" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 3pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="44" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 32.85pt; padding-top: 0pt; border-bottom: windowtext 1pt solid;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">&#8212;</font></div>
              </td>
              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 4.65pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="52" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 39pt; padding-top: 0pt; border-bottom: windowtext 1pt solid;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">3,653</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="4" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 3pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="44" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 32.85pt; padding-top: 0pt; border-bottom: windowtext 1pt solid;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">(9</font></div>
              </td>
              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0.375pt; width: 4.65pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">)</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="52" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 39pt; padding-top: 0pt; border-bottom: windowtext 1pt solid;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">3,653</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="4" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 3pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="44" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 32.85pt; padding-top: 0pt; border-bottom: windowtext 1pt solid;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">(9</font></div>
              </td>
              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0.375pt; width: 4.65pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">)</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
            </tr>
            <tr bgcolor="#cceeff" style="page-break-inside: avoid;">
              <td colspan="3" valign="top" width="177" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 132.45pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt 0pt 0pt 10pt; TEXT-INDENT: -10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Total</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="7" style="border-right: medium none; padding-right: 0pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 5pt; padding-top: 0pt; border-bottom: windowtext 2.25pt double;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: left" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">$</font></div>
              </td>
              <td valign="bottom" width="45" style="border-right: medium none; padding-right: 0.7pt; border-top: windowtext 1pt solid; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 34pt; padding-top: 0pt; border-bottom: windowtext 2.25pt double;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">228,754</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="4" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 3pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="7" style="border-right: medium none; padding-right: 0pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 5pt; padding-top: 0pt; border-bottom: windowtext 2.25pt double;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: left" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">$</font></div>
              </td>
              <td valign="bottom" width="37" style="border-right: medium none; padding-right: 0.7pt; border-top: windowtext 1pt solid; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 27.85pt; padding-top: 0pt; border-bottom: windowtext 2.25pt double;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">(3,646</font></div>
              </td>
              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 1.125pt; width: 4.65pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">)</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="7" style="border-right: medium none; padding-right: 0pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 5pt; padding-top: 0pt; border-bottom: windowtext 2.25pt double;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: left" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">$</font></div>
              </td>
              <td valign="bottom" width="45" style="border-right: medium none; padding-right: 0.7pt; border-top: windowtext 1pt solid; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 34pt; padding-top: 0pt; border-bottom: windowtext 2.25pt double;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">318,167</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="4" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 3pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="7" style="border-right: medium none; padding-right: 0pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 5pt; padding-top: 0pt; border-bottom: windowtext 2.25pt double;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: left" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">$</font></div>
              </td>
              <td valign="bottom" width="37" style="border-right: medium none; padding-right: 0.7pt; border-top: windowtext 1pt solid; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 27.85pt; padding-top: 0pt; border-bottom: windowtext 2.25pt double;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">(5,495</font></div>
              </td>
              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 1.125pt; width: 4.65pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">)</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="7" style="border-right: medium none; padding-right: 0pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 5pt; padding-top: 0pt; border-bottom: windowtext 2.25pt double;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: left" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">$</font></div>
              </td>
              <td valign="bottom" width="45" style="border-right: medium none; padding-right: 0.7pt; border-top: windowtext 1pt solid; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 34pt; padding-top: 0pt; border-bottom: windowtext 2.25pt double;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">546,921</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="4" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 3pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="7" style="border-right: medium none; padding-right: 0pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 5pt; padding-top: 0pt; border-bottom: windowtext 2.25pt double;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: left" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">$</font></div>
              </td>
              <td valign="bottom" width="37" style="border-right: medium none; padding-right: 0.7pt; border-top: windowtext 1pt solid; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 27.85pt; padding-top: 0pt; border-bottom: windowtext 2.25pt double;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">(9,141</font></div>
              </td>
              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 1.125pt; width: 4.65pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">)</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
            </tr>
            <tr>
              <td width="88" style="border-right: medium none; border-top: medium none; border-left: medium none; border-bottom: medium none;">
              </td>
              <td width="7" style="border-right: medium none; border-top: medium none; border-left: medium none; border-bottom: medium none;">
              </td>
              <td width="82" style="border-right: medium none; border-top: medium none; border-left: medium none; border-bottom: medium none;">
              </td>
              <td width="16" style="border-right: medium none; border-top: medium none; border-left: medium none; border-bottom: medium none;">
              </td>
              <td width="7" style="border-right: medium none; border-top: medium none; border-left: medium none; border-bottom: medium none;">
              </td>
              <td width="45" style="border-right: medium none; border-top: medium none; border-left: medium none; border-bottom: medium none;">
              </td>
              <td width="16" style="border-right: medium none; border-top: medium none; border-left: medium none; border-bottom: medium none;">
              </td>
              <td width="4" style="border-right: medium none; border-top: medium none; border-left: medium none; border-bottom: medium none;">
              </td>
              <td width="7" style="border-right: medium none; border-top: medium none; border-left: medium none; border-bottom: medium none;">
              </td>
              <td width="37" style="border-right: medium none; border-top: medium none; border-left: medium none; border-bottom: medium none;">
              </td>
              <td width="6" style="border-right: medium none; border-top: medium none; border-left: medium none; border-bottom: medium none;">
              </td>
              <td width="16" style="border-right: medium none; border-top: medium none; border-left: medium none; border-bottom: medium none;">
              </td>
              <td width="7" style="border-right: medium none; border-top: medium none; border-left: medium none; border-bottom: medium none;">
              </td>
              <td width="45" style="border-right: medium none; border-top: medium none; border-left: medium none; border-bottom: medium none;">
              </td>
              <td width="16" style="border-right: medium none; border-top: medium none; border-left: medium none; border-bottom: medium none;">
              </td>
              <td width="4" style="border-right: medium none; border-top: medium none; border-left: medium none; border-bottom: medium none;">
              </td>
              <td width="7" style="border-right: medium none; border-top: medium none; border-left: medium none; border-bottom: medium none;">
              </td>
              <td width="37" style="border-right: medium none; border-top: medium none; border-left: medium none; border-bottom: medium none;">
              </td>
              <td width="6" style="border-right: medium none; border-top: medium none; border-left: medium none; border-bottom: medium none;">
              </td>
              <td width="16" style="border-right: medium none; border-top: medium none; border-left: medium none; border-bottom: medium none;">
              </td>
              <td width="7" style="border-right: medium none; border-top: medium none; border-left: medium none; border-bottom: medium none;">
              </td>
              <td width="45" style="border-right: medium none; border-top: medium none; border-left: medium none; border-bottom: medium none;">
              </td>
              <td width="16" style="border-right: medium none; border-top: medium none; border-left: medium none; border-bottom: medium none;">
              </td>
              <td width="4" style="border-right: medium none; border-top: medium none; border-left: medium none; border-bottom: medium none;">
              </td>
              <td width="7" style="border-right: medium none; border-top: medium none; border-left: medium none; border-bottom: medium none;">
              </td>
              <td width="37" style="border-right: medium none; border-top: medium none; border-left: medium none; border-bottom: medium none;">
              </td>
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      <div style="FONT-WEIGHT: bold; MARGIN: 0pt 0pt 24pt; LINE-HEIGHT: 16pt; TEXT-ALIGN: center"><strong><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">IMCLONE
        SYSTEMS
        INCORPORATED<br>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
        (Continued)</font></strong></div>
      <div style="MARGIN: 0pt 0pt 6pt; TEXT-INDENT: 20pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Unrealized
        losses
        relate to various debt securities including asset-backed securities and foreign
        corporate debt. For these securities, the unrealized losses are primarily
        due to
        increases in interest rates. Because the Company has the ability and intent
        to
        hold these investments until recovery of fair value, which may be maturity,
        it
        does not consider these investments to be other-than-temporarily impaired
        as of
        December&#160;31,&#160;2006.</font></div>
      <div style="MARGIN: 0pt 0pt 12pt; TEXT-INDENT: 20pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Maturities
        of debt
        securities classified as available for sale were as follows at December&#160;31,
        2006: (in&#160;thousands)</font></div>
      <div align="center">
        <table border="0" cellpadding="0" cellspacing="0" style="BORDER-COLLAPSE: collapse">

            <tr style="page-break-inside: avoid;">
              <td valign="bottom" width="345" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 258.45pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="62" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 46.5pt; padding-top: 0pt; border-bottom: windowtext 1pt solid;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center"><strong><font style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman" size="1">Amortized<br>Cost</font></strong></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="62" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 46.5pt; padding-top: 0pt; border-bottom: windowtext 1pt solid;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center"><strong><font style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman" size="1">Fair<br>Value</font></strong></div>
              </td>
              <td valign="bottom" width="2" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 1.7pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
              </td>
            </tr>
            <tr bgcolor="#cceeff" style="page-break-inside: avoid;">
              <td valign="top" width="345" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 258.45pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt 0pt 0pt 10pt; TEXT-INDENT: -10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">2007</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="7" style="padding-right: 0pt; padding-left: 0pt; padding-bottom: 0pt; width: 5pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: left" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">$</font></div>
              </td>
              <td valign="bottom" width="55" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 41.5pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">212,400</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="7" style="padding-right: 0pt; padding-left: 0pt; padding-bottom: 0pt; width: 5pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: left" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">$</font></div>
              </td>
              <td valign="bottom" width="55" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 41.5pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">210,374</font></div>
              </td>
              <td valign="bottom" width="2" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 1.7pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
            </tr>
            <tr style="page-break-inside: avoid;">
              <td valign="top" width="345" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 258.45pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt 0pt 0pt 10pt; TEXT-INDENT: -10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">2008</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="62" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 46.5pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">101,802</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="62" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 46.5pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">100,089</font></div>
              </td>
              <td valign="bottom" width="2" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 1.7pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
            </tr>
            <tr bgcolor="#cceeff" style="page-break-inside: avoid;">
              <td valign="top" width="345" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 258.45pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt 0pt 0pt 10pt; TEXT-INDENT: -10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">2009</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="62" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 46.5pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">55,000</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="62" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 46.5pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">54,038</font></div>
              </td>
              <td valign="bottom" width="2" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 1.7pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
            </tr>
            <tr style="page-break-inside: avoid;">
              <td valign="top" width="345" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 258.45pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt 0pt 0pt 10pt; TEXT-INDENT: -10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">2010</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="62" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 46.5pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">30,000</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="62" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 46.5pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">29,638</font></div>
              </td>
              <td valign="bottom" width="2" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 1.7pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
            </tr>
            <tr bgcolor="#cceeff" style="page-break-inside: avoid;">
              <td valign="top" width="345" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 258.45pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt 0pt 0pt 10pt; TEXT-INDENT: -10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">2011</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="62" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 46.5pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">&#8212;</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="62" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 46.5pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">&#8212;</font></div>
              </td>
              <td valign="bottom" width="2" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 1.7pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
            </tr>
            <tr style="page-break-inside: avoid;">
              <td valign="top" width="345" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 258.45pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt 0pt 0pt 10pt; TEXT-INDENT: -10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">2012
                  and
                  thereafter</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="62" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 46.5pt; padding-top: 0pt; border-bottom: windowtext 1pt solid;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">629,470</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="62" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 46.5pt; padding-top: 0pt; border-bottom: windowtext 1pt solid;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">629,470</font></div>
              </td>
              <td valign="bottom" width="2" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 1.7pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
            </tr>
            <tr bgcolor="#cceeff" style="page-break-inside: avoid;">
              <td valign="top" width="345" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 258.45pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt 0pt 0pt 10pt; TEXT-INDENT: -10pt">&#160;</div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="7" style="border-right: medium none; padding-right: 0pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 5pt; padding-top: 0pt; border-bottom: windowtext 2.25pt double;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: left" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">$</font></div>
              </td>
              <td valign="bottom" width="55" style="border-right: medium none; padding-right: 0.7pt; border-top: windowtext 1pt solid; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 41.5pt; padding-top: 0pt; border-bottom: windowtext 2.25pt double;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">1,028,672</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="7" style="border-right: medium none; padding-right: 0pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 5pt; padding-top: 0pt; border-bottom: windowtext 2.25pt double;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: left" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">$</font></div>
              </td>
              <td valign="bottom" width="55" style="border-right: medium none; padding-right: 0.7pt; border-top: windowtext 1pt solid; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 41.5pt; padding-top: 0pt; border-bottom: windowtext 2.25pt double;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">1,023,609</font></div>
              </td>
              <td valign="bottom" width="2" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 1.7pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
            </tr>

        </table>
      </div>
      <div style="MARGIN: 6pt 0pt 12pt; LINE-HEIGHT: normal">&#160;</div>
      <div style="MARGIN: 0pt 0pt 12pt; TEXT-INDENT: 20pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Gross
        realized
        gains included in income in the years ended December&#160;31, 2006, 2005 and
        2004 were approximately $0, $3,000 and $142,000, respectively, and gross
        realized losses included in income in the years ended December&#160;31, 2006,
        2005 and 2004 were approximately $0, $16,000 and $11,000,
        respectively<strong>.</strong> These gains and losses were determined on a
        specific identification basis. Interest on certain securities is adjusted
        monthly, quarterly or semi-annually, depending on the instrument, using
        prevailing interest rates. These holdings are highly liquid and the Company
        considers the potential for loss of principal to be minimal. All holdings
        are
        denominated in U.S. currency.</font></div>
      <div style="FONT-WEIGHT: bold; FONT-SIZE: 10pt; MARGIN: 0pt 0pt 6pt 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: Times New Roman"><strong><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">(4)</font></strong><font style="FONT-FAMILY: Times New Roman">&#160;&#160;
</font>Inventories<a name="a4Inventories_205628"/></div>
      <div style="MARGIN: 0pt 0pt 12pt; TEXT-INDENT: 20pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Inventories
        consist
        of the following: (in thousands)</font></div>
      <div align="center">
        <table border="0" cellpadding="0" cellspacing="0" style="BORDER-COLLAPSE: collapse">

            <tr style="page-break-inside: avoid;">
              <td valign="bottom" width="325" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 243.5pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
              </td>
              <td colspan="4" valign="bottom" width="64" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 48pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center"><strong><font style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman" size="1">December&#160;31,</font></strong></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
              </td>
              <td colspan="4" valign="bottom" width="64" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 48pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center"><strong><font style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman" size="1">December&#160;31,</font></strong></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
              </td>
            </tr>
            <tr style="page-break-inside: avoid;">
              <td valign="bottom" width="325" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 243.5pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
              </td>
              <td colspan="4" valign="bottom" width="64" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 48pt; padding-top: 0pt; border-bottom: windowtext 1pt solid;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center"><strong><font style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman" size="1">2006</font></strong></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
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              <td colspan="4" valign="bottom" width="64" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 48pt; padding-top: 0pt; border-bottom: windowtext 1pt solid;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center"><strong><font style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman" size="1">2005</font></strong></div>
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
              </td>
            </tr>
            <tr bgcolor="#cceeff" style="page-break-inside: avoid;">
              <td valign="top" width="325" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 243.5pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt 0pt 0pt 10pt; TEXT-INDENT: -10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Raw
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              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 4.5pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="7" style="padding-right: 0pt; padding-left: 0pt; padding-bottom: 0pt; width: 5pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: left" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">$</font></div>
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              <td valign="bottom" width="45" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 34pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">17,818</font></div>
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              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 4.5pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="9" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 7pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="7" style="padding-right: 0pt; padding-left: 0pt; padding-bottom: 0pt; width: 5pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: left" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">$</font></div>
              </td>
              <td valign="bottom" width="39" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 29pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">22,664</font></div>
              </td>
              <td valign="bottom" width="9" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 7pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
            </tr>
            <tr style="page-break-inside: avoid;">
              <td valign="top" width="325" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 243.5pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt 0pt 0pt 10pt; TEXT-INDENT: -10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Work
                  in
                  process</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 4.5pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="52" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 39pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">79,048</font></div>
              </td>
              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 4.5pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="9" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 7pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="45" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 34pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">49,149</font></div>
              </td>
              <td valign="bottom" width="9" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 7pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
            </tr>
            <tr bgcolor="#cceeff" style="page-break-inside: avoid;">
              <td valign="top" width="325" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 243.5pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt 0pt 0pt 10pt; TEXT-INDENT: -10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Finished
                  goods</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 4.5pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="52" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 39pt; padding-top: 0pt; border-bottom: windowtext 1pt solid;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">5,349</font></div>
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              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 4.5pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="9" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 7pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="45" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 34pt; padding-top: 0pt; border-bottom: windowtext 1pt solid;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">9,581</font></div>
              </td>
              <td valign="bottom" width="9" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 7pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
            </tr>
            <tr style="page-break-inside: avoid;">
              <td valign="top" width="325" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 243.5pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt 0pt 0pt 10pt; TEXT-INDENT: -10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Total</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 4.5pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="7" style="border-right: medium none; padding-right: 0pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 5pt; padding-top: 0pt; border-bottom: windowtext 2.25pt double;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: left" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">$</font></div>
              </td>
              <td valign="bottom" width="45" style="border-right: medium none; padding-right: 0.7pt; border-top: windowtext 1pt solid; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 34pt; padding-top: 0pt; border-bottom: windowtext 2.25pt double;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">102,215</font></div>
              </td>
              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 4.5pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="9" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 7pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="7" style="border-right: medium none; padding-right: 0pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 5pt; padding-top: 0pt; border-bottom: windowtext 2.25pt double;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: left" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">$</font></div>
              </td>
              <td valign="bottom" width="39" style="border-right: medium none; padding-right: 0.7pt; border-top: windowtext 1pt solid; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 29pt; padding-top: 0pt; border-bottom: windowtext 2.25pt double;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">81,394</font></div>
              </td>
              <td valign="bottom" width="9" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 7pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
            </tr>

        </table>
      </div>
      <div style="MARGIN: 6pt 0pt 12pt; LINE-HEIGHT: normal">&#160;</div>
      <div style="MARGIN: 0pt 0pt 12pt; TEXT-INDENT: 20pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">In
        June&#160;2006,
        the Company began producing ERBITUX for commercial use at its multiple product
        manufacturing facility (&#8220;BB50&#8221;), located in Branchburg, New Jersey. The Company
        expects to file a supplemental Biological License Application with the FDA
        for
        approval of BB50 in the first quarter of 2007. Until such time as the Company
        receives approval of BB50 from the FDA, the ERBITUX inventory produced in
        BB50
        cannot be used for commercial distribution. Based on management&#8217;s current
        expectations, the Company expects that the costs of such inventory will be
        fully
        realizable once the Company obtains approval of BB50, which is expected in
        the
        second half of 2007. As of December&#160;31, 2006, the Company has capitalized
        approximately $35.5 million related to the costs of producing </font></div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">F-14</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
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<br clear="all">
      <div style="FONT-WEIGHT: bold; MARGIN: 0pt 0pt 24pt; LINE-HEIGHT: 16pt; TEXT-ALIGN: center"><strong><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">IMCLONE
        SYSTEMS
        INCORPORATED<br>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
        (Continued)</font></strong></div>
      <div style="MARGIN: 0pt 0pt 12pt; TEXT-INDENT: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">ERBITUX
        in BB50.
        The Company will continue to capitalize the costs of producing ERBITUX in
        BB50
        as long as management can conclude that the costs of such inventory will
        be
        fully realizable in the future.</font></div>
      <div style="FONT-WEIGHT: bold; FONT-SIZE: 10pt; MARGIN: 0pt 0pt 6pt 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: Times New Roman"><strong><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">(5)</font></strong><font style="FONT-FAMILY: Times New Roman">&#160;&#160;
</font>Property,
        Plant and
        Equipment<a name="a5PropertyPlantAndEquipment_205802"/></div>
      <div style="MARGIN: 0pt 0pt 12pt; TEXT-INDENT: 20pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Property,
        plant and
        equipment are recorded at cost and consist of the following: (in
        thousands)</font></div>
      <div align="center">
        <table border="0" cellpadding="0" cellspacing="0" style="BORDER-COLLAPSE: collapse">

            <tr style="page-break-inside: avoid;">
              <td valign="bottom" width="387" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 290.5pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
              </td>
              <td colspan="4" valign="bottom" width="64" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 48pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center"><strong><font style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman" size="1">December&#160;31,</font></strong></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
              </td>
              <td colspan="4" valign="bottom" width="64" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 48pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center"><strong><font style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman" size="1">December&#160;31,</font></strong></div>
              </td>
              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 4.65pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
              </td>
            </tr>
            <tr style="page-break-inside: avoid;">
              <td valign="bottom" width="387" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 290.5pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
              </td>
              <td colspan="4" valign="bottom" width="64" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 48pt; padding-top: 0pt; border-bottom: windowtext 1pt solid;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center"><strong><font style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman" size="1">2006</font></strong></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
              </td>
              <td colspan="4" valign="bottom" width="64" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 48pt; padding-top: 0pt; border-bottom: windowtext 1pt solid;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center"><strong><font style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman" size="1">2005</font></strong></div>
              </td>
              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 4.65pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
              </td>
            </tr>
            <tr bgcolor="#cceeff" style="page-break-inside: avoid;">
              <td valign="top" width="387" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 290.5pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt 0pt 0pt 10pt; TEXT-INDENT: -10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Land</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 4.35pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="7" style="padding-right: 0pt; padding-left: 0pt; padding-bottom: 0pt; width: 5pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: left" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">$</font></div>
              </td>
              <td valign="bottom" width="45" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 34pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">4,899</font></div>
              </td>
              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 4.65pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 4.35pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="7" style="padding-right: 0pt; padding-left: 0pt; padding-bottom: 0pt; width: 5pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: left" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">$</font></div>
              </td>
              <td valign="bottom" width="45" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 34pt; padding-top: 0pt;">
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              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 4.65pt; padding-top: 0pt;">
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
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              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 4.35pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
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                <div style="MARGIN: 0pt">&#160;</div>
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              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 4.65pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
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              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 4.35pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
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                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">14,595</font></div>
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              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 4.65pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
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              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 4.35pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
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                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">13,969</font></div>
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              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 4.65pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
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              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 4.65pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
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              <td valign="top" width="387" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 290.5pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt 0pt 0pt 10pt; TEXT-INDENT: -10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Machinery
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                <div style="MARGIN: 0pt">&#160;</div>
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              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 4.35pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
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                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">164,869</font></div>
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              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 4.65pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
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              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 4.35pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
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              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 4.65pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
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              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 4.65pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
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              <td valign="top" width="387" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 290.5pt; padding-top: 0pt;">
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 4.35pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
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              <td colspan="2" valign="bottom" width="52" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 39pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">6,368</font></div>
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              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 4.65pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 4.35pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
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              <td colspan="2" valign="bottom" width="52" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 39pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">4,596</font></div>
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              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 4.65pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 4.65pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
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            <tr style="page-break-inside: avoid;">
              <td valign="top" width="387" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 290.5pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt 0pt 0pt 10pt; TEXT-INDENT: -10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Construction
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 4.35pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
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              <td colspan="2" valign="bottom" width="52" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 39pt; padding-top: 0pt; border-bottom: windowtext 1pt solid;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">45,924</font></div>
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              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 4.65pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 4.35pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="52" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 39pt; padding-top: 0pt; border-bottom: windowtext 1pt solid;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">318,446</font></div>
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              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 4.65pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 4.65pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
            </tr>
            <tr bgcolor="#cceeff" style="page-break-inside: avoid;">
              <td valign="top" width="387" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 290.5pt; padding-top: 0pt;">
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 4.35pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="52" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 39pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">518,211</font></div>
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              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 4.65pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 4.35pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="52" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 39pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">472,313</font></div>
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              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 4.65pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 4.65pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
            </tr>
            <tr style="page-break-inside: avoid;">
              <td valign="top" width="387" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 290.5pt; padding-top: 0pt;">
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              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 4.35pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="52" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 39pt; padding-top: 0pt; border-bottom: windowtext 1pt solid;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">(95,211</font></div>
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              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0.375pt; width: 4.65pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">)</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 4.35pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="52" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 39pt; padding-top: 0pt; border-bottom: windowtext 1pt solid;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">(65,718</font></div>
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              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0.375pt; width: 4.65pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">)</font></div>
              </td>
              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 4.65pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
            </tr>
            <tr bgcolor="#cceeff" style="page-break-inside: avoid;">
              <td valign="top" width="387" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 290.5pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt 0pt 0pt 20pt; TEXT-INDENT: -10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Property,
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              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 4.35pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="7" style="border-right: medium none; padding-right: 0pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 5pt; padding-top: 0pt; border-bottom: windowtext 2.25pt double;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: left" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">$</font></div>
              </td>
              <td valign="bottom" width="45" style="border-right: medium none; padding-right: 0.7pt; border-top: windowtext 1pt solid; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 34pt; padding-top: 0pt; border-bottom: windowtext 2.25pt double;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">423,000</font></div>
              </td>
              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 4.65pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 4.35pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="7" style="border-right: medium none; padding-right: 0pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 5pt; padding-top: 0pt; border-bottom: windowtext 2.25pt double;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: left" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">$</font></div>
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              <td valign="bottom" width="45" style="border-right: medium none; padding-right: 0.7pt; border-top: windowtext 1pt solid; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 34pt; padding-top: 0pt; border-bottom: windowtext 2.25pt double;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">406,595</font></div>
              </td>
              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 4.65pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 4.65pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
            </tr>

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      <div style="MARGIN: 0pt 0pt 12pt; LINE-HEIGHT: 1pt">&#160;</div>
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        Company
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        in
        Branchburg, New Jersey with capacity of up to 110,000 liters (production
        volume). Mechanical completion was reached in the fourth quarter of 2005
        and
        commissioning and validation of a portion of the building was reached in
        the
        second quarter of 2006. In June&#160;2006, the Company transferred, from
        construction in progress, the cost associated with this facility into the
        appropriate fixed asset categories, with the exception of costs related to
        equipment in a portion of the building which is not yet ready for its intended
        use. The total cost of building this facility amounted to approximately $331.4
        million.</font></div>
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        process of
        preparing consolidated financial statements in accordance with U.S. generally
        accepted accounting principles requires the Company to evaluate the carrying
        values of its long-lived assets. The recoverability of the carrying values
        of
        long-lived assets depends on the Company&#8217;s ability to earn sufficient returns on
        ERBITUX. Based on management&#8217;s current estimates, the Company expects to recover
        the carrying value of such assets.</font></div>
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</font>Accrued
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        following items
        are included in accrued expenses: (in thousands)</font></div>
      <div align="center">
        <table border="0" cellpadding="0" cellspacing="0" style="BORDER-COLLAPSE: collapse">

            <tr style="page-break-inside: avoid;">
              <td valign="bottom" width="392" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 294.2pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
              </td>
              <td colspan="4" valign="bottom" width="64" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 48pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center"><strong><font style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman" size="1">December&#160;31,</font></strong></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
              </td>
              <td colspan="4" valign="bottom" width="64" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 48pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center"><strong><font style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman" size="1">December&#160;31,</font></strong></div>
              </td>
              <td valign="bottom" width="2" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 1.7pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
              </td>
            </tr>
            <tr style="page-break-inside: avoid;">
              <td valign="bottom" width="392" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 294.2pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
              </td>
              <td colspan="4" valign="bottom" width="64" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 48pt; padding-top: 0pt; border-bottom: windowtext 1pt solid;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center"><strong><font style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman" size="1">2006</font></strong></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
              </td>
              <td colspan="4" valign="bottom" width="64" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 48pt; padding-top: 0pt; border-bottom: windowtext 1pt solid;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center"><strong><font style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman" size="1">2005</font></strong></div>
              </td>
              <td valign="bottom" width="2" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 1.7pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
              </td>
            </tr>
            <tr bgcolor="#cceeff" style="page-break-inside: avoid;">
              <td valign="top" width="392" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 294.2pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt 0pt 0pt 10pt; TEXT-INDENT: -10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Salaries
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              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="9" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 7pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="7" style="padding-right: 0pt; padding-left: 0pt; padding-bottom: 0pt; width: 5pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: left" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">$</font></div>
              </td>
              <td valign="bottom" width="39" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 29pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">13,964</font></div>
              </td>
              <td valign="bottom" width="9" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 7pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="9" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 7pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="7" style="padding-right: 0pt; padding-left: 0pt; padding-bottom: 0pt; width: 5pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: left" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">$</font></div>
              </td>
              <td valign="bottom" width="39" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 29pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">18,976</font></div>
              </td>
              <td valign="bottom" width="9" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 7pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="2" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 1.7pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
            </tr>
            <tr style="page-break-inside: avoid;">
              <td valign="top" width="392" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 294.2pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt 0pt 0pt 10pt; TEXT-INDENT: -10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Research
                  and
                  development contract services</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="9" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 7pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="45" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 34pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">23,802</font></div>
              </td>
              <td valign="bottom" width="9" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 7pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="9" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 7pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="45" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 34pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">20,540</font></div>
              </td>
              <td valign="bottom" width="9" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 7pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="2" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 1.7pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
            </tr>
            <tr bgcolor="#cceeff" style="page-break-inside: avoid;">
              <td valign="top" width="392" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 294.2pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt 0pt 0pt 10pt; TEXT-INDENT: -10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">License
                  fee
                  and royalty expense</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="9" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 7pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="45" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 34pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">21,159</font></div>
              </td>
              <td valign="bottom" width="9" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 7pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="9" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 7pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="45" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 34pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">16,397</font></div>
              </td>
              <td valign="bottom" width="9" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 7pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="2" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 1.7pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
            </tr>
            <tr style="page-break-inside: avoid;">
              <td valign="top" width="392" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 294.2pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt 0pt 0pt 10pt; TEXT-INDENT: -10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Other</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="9" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 7pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="45" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 34pt; padding-top: 0pt; border-bottom: windowtext 1pt solid;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">10,155</font></div>
              </td>
              <td valign="bottom" width="9" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 7pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="9" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 7pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="45" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 34pt; padding-top: 0pt; border-bottom: windowtext 1pt solid;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">5,021</font></div>
              </td>
              <td valign="bottom" width="9" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 7pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="2" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 1.7pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
            </tr>
            <tr bgcolor="#cceeff" style="page-break-inside: avoid;">
              <td valign="top" width="392" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 294.2pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt 0pt 0pt 10pt; TEXT-INDENT: -10pt">&#160;</div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="9" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 7pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="7" style="border-right: medium none; padding-right: 0pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 5pt; padding-top: 0pt; border-bottom: windowtext 2.25pt double;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: left" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">$</font></div>
              </td>
              <td valign="bottom" width="39" style="border-right: medium none; padding-right: 0.7pt; border-top: windowtext 1pt solid; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 29pt; padding-top: 0pt; border-bottom: windowtext 2.25pt double;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">69,080</font></div>
              </td>
              <td valign="bottom" width="9" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 7pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="9" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 7pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="7" style="border-right: medium none; padding-right: 0pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 5pt; padding-top: 0pt; border-bottom: windowtext 2.25pt double;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: left" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">$</font></div>
              </td>
              <td valign="bottom" width="39" style="border-right: medium none; padding-right: 0.7pt; border-top: windowtext 1pt solid; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 29pt; padding-top: 0pt; border-bottom: windowtext 2.25pt double;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">60,934</font></div>
              </td>
              <td valign="bottom" width="9" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 7pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="2" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 1.7pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
            </tr>

        </table>
      </div>
      <div style="MARGIN: 6pt 0pt 12pt; LINE-HEIGHT: normal">&#160;</div>
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</font>Withholding
        Tax Assets
        and Liability<a name="a7WithholdingTaxAssetsAndLiabilit_210243"/></div>
      <div style="MARGIN: 0pt 0pt 12pt; TEXT-INDENT: 20pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">On
        March&#160;14,
        2006, the Company reached an agreement in principle with the IRS to resolve
        the
        employment tax audit related to the years 1999-2001, which included the
        Company&#8217;s agreement to the </font></div>
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      <div style="FONT-WEIGHT: bold; MARGIN: 0pt 0pt 24pt; LINE-HEIGHT: 16pt; TEXT-ALIGN: center"><strong><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">IMCLONE
        SYSTEMS
        INCORPORATED<br>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
        (Continued)</font></strong></div>
      <div style="MARGIN: 0pt 0pt 12pt; TEXT-INDENT: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">imposition
        of an
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        approximately $32.0 million. The Company had previously recorded a withholding
        tax liability of $18.1 million and a withholding tax asset of $274,000 in
        its
        consolidated Balance Sheet as of December&#160;31, 2004. Based on the agreement
        in principle reached with the IRS, the Company eliminated the withholding
        tax
        asset of $274,000 and recorded an additional withholding tax liability of
        approximately $13.9 million, or a total of $32.0 million, in its consolidated
        Balance Sheet as of December&#160;31, 2005. As a result, the Company recorded in
        the fourth quarter of 2005 a net withholding tax expense of approximately
        $14.2
        million. On April&#160;19, 2006, the Company signed an agreement with the IRS to
        resolve the employment tax audit. Pursuant to such agreement the Company
        paid
        approximately $28.7 million to the IRS on April&#160;21, 2006, and on
        April&#160;28, 2006, the Company paid the IRS approximately $3.1 million
        consisting of interest. The remaining $264,000 of excess withholding tax
        liability was reversed into income during the fourth quarter of 2006 after
        the
        Company had concluded that the payments were accepted by the IRS and the
        matter
        had been finalized.</font></div>
      <div style="FONT-WEIGHT: bold; FONT-SIZE: 10pt; MARGIN: 0pt 0pt 6pt 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: Times New Roman"><strong><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">(8)</font></strong><font style="FONT-FAMILY: Times New Roman">&#160;&#160;
</font>Long-Term
        Debt<a name="a8LongtermDebt_210256"/></div>
      <div style="MARGIN: 0pt 0pt 6pt; TEXT-INDENT: 20pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">The
        Company&#8217;s
        long-term debt was $600.0 million at December&#160;31, 2006 and
        2005.</font></div>
      <div style="FONT-SIZE: 10pt; MARGIN: 0pt 0pt 6pt; TEXT-INDENT: 20pt; FONT-FAMILY: Times New Roman"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">In
        May&#160;2004,
        the Company completed a private placement of $600.0 million in convertible
        senior notes due 2024. The notes bear interest at 1</font><font style="FONT-SIZE: 6.5pt; POSITION: relative; TOP: -3pt" size="1">3</font><font style="FONT-FAMILY: Symbol">&#164;</font><font style="FONT-SIZE: 6.5pt; POSITION: relative; TOP: 1pt" size="1">8</font>%
        per
        annum payable semi-annually. The Company received net proceeds from this
        offering of approximately $581.4 million. Holders may convert the notes into
        shares of the Company&#8217;s common stock at a conversion rate of 10.5613 shares per
        $1,000 principal amount of notes which is equivalent to a conversion price
        of
        $94.69 per share, subject to adjustment, before the close of business on
        the
        business day immediately prior to May&#160;15, 2024, subject to prior redemption
        or repurchase of the notes, only under the following circumstances: (1)&#160;on
        or prior to May&#160;15, 2019, during any calendar quarter commencing after
        June&#160;30, 2004, if the closing sale price of the Company&#8217;s common stock
        exceeds 120% of the conversion price for at least 20 trading days in the
        30
        consecutive trading days ending on the last trading day of the preceding
        calendar quarter and after May&#160;15, 2019, if the closing sale price of the
        Company&#8217;s common stock exceeds 120% of the conversion price on the immediately
        preceding trading day; (2)&#160;during the five business day period after any
        five consecutive trading day period in which the trading price per note for
        each
        day of that period was less than 98% of the product of the closing sale price
        of
        the Company&#8217;s common stock and the conversion rate; (3)&#160;if the notes have
        been called for redemption; or (4)&#160;upon the occurrence of certain corporate
        events. Beginning May&#160;20, 2009, the Company may redeem all or any portion
        of the notes at a redemption price equal to 100% of the principal amount
        of the
        notes, plus accrued and unpaid interest. On May&#160;15 of 2009, 2014 and 2019,
        or upon the occurrence of certain designated events, holders may require
        the
        Company to repurchase the notes at a repurchase price equal to 100% of the
        principal amount of the notes plus accrued and unpaid interest. The notes
        are
        unsubordinated unsecured debt and will rank on a parity with all of the
        Company&#8217;s other existing and future unsubordinated unsecured debt and prior to
        all of the Company&#8217;s existing and future subordinated debt. Deferred financing
        costs of approximately $18.6 million associated with the issuance of this
        debt
        are being amortized over five years.</div>
      <div style="FONT-SIZE: 10pt; MARGIN: 0pt 0pt 6pt; TEXT-INDENT: 20pt; FONT-FAMILY: Times New Roman"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">In
        June&#160;2004,
        the Company redeemed all of the outstanding 5</font><font style="FONT-SIZE: 6pt; POSITION: relative; TOP: -3pt" size="1">1</font><font style="FONT-FAMILY: Symbol">&#164;</font><font style="FONT-SIZE: 6pt" size="1">2</font>
        % convertible subordinated notes due in 2005. All of the outstanding notes
        which
        amounted to approximately $240.0 million, were converted by June&#160;17, 2004,
        into 4,356,000 shares of the Company&#8217;s common stock. At the time of redemption
        there was approximately $1.2 million of unamortized deferred financing cost
        which was recorded against additional paid-in capital.</div>
      <div style="FONT-SIZE: 10pt; MARGIN: 0pt 0pt 6pt; TEXT-INDENT: 0pt; FONT-FAMILY: Times New Roman">&#160;</div>
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<br clear="all">
    <div>
      <div style="FONT-WEIGHT: bold; MARGIN: 0pt 0pt 24pt; LINE-HEIGHT: 16pt; TEXT-ALIGN: center"><strong><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">IMCLONE
        SYSTEMS
        INCORPORATED<br>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
        (Continued)</font></strong></div>
      <div style="FONT-WEIGHT: bold; FONT-SIZE: 10pt; MARGIN: 0pt 0pt 6pt 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: Times New Roman"><strong><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">(9)</font></strong><font style="FONT-FAMILY: Times New Roman">&#160;&#160;
</font>Income
        Per Common
        Share<a name="a9IncomePerCommonShare_210616"/></div>
      <div style="MARGIN: 0pt 0pt 12pt; TEXT-INDENT: 20pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Basic
        and diluted
        income per common share (&#8220;EPS&#8221;) were computed using the following: (in
        thousands, except per share data)</font></div>
      <div align="center">
        <table bgcolor="white" border="0" cellpadding="0" cellspacing="0" style="BACKGROUND: white; BORDER-COLLAPSE: collapse">

            <tr style="page-break-inside: avoid;">
              <td valign="bottom" width="408" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 306.05pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
              </td>
              <td colspan="8" valign="bottom" width="181" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 136pt; padding-top: 0pt; border-bottom: windowtext 1pt solid;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center"><strong><font style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman" size="1">Year&#160;Ended&#160;December&#160;31,</font></strong></div>
              </td>
              <td valign="bottom" width="2" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 1.7pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
              </td>
            </tr>
            <tr style="page-break-inside: avoid;">
              <td valign="bottom" width="408" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 306.05pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="52" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 39pt; padding-top: 0pt; border-bottom: windowtext 1pt solid;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center"><strong><font style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman" size="1">2006</font></strong></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="45" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 34pt; padding-top: 0pt; border-bottom: windowtext 1pt solid;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center"><strong><font style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman" size="1">2005</font></strong></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="52" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 39pt; padding-top: 0pt; border-bottom: windowtext 1pt solid;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center"><strong><font style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman" size="1">2004</font></strong></div>
              </td>
              <td valign="bottom" width="2" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 1.7pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
              </td>
            </tr>
            <tr bgcolor="#cceeff" style="page-break-inside: avoid;">
              <td valign="top" width="408" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 306.05pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt 0pt 0pt 10pt; TEXT-INDENT: -10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">EPS
                  Numerator&#8212;Basic:</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="52" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 39pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="45" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 34pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="52" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 39pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="2" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 1.7pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
            </tr>
            <tr style="page-break-inside: avoid;">
              <td valign="top" width="408" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 306.05pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt 0pt 0pt 20pt; TEXT-INDENT: -10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Net
                  income</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="7" style="border-right: medium none; padding-right: 0pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 5pt; padding-top: 0pt; border-bottom: windowtext 2.25pt double;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: left" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">$</font></div>
              </td>
              <td valign="bottom" width="45" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 34pt; padding-top: 0pt; border-bottom: windowtext 2.25pt double;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">370,674</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="7" style="border-right: medium none; padding-right: 0pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 5pt; padding-top: 0pt; border-bottom: windowtext 2.25pt double;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: left" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">$</font></div>
              </td>
              <td valign="bottom" width="39" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 29pt; padding-top: 0pt; border-bottom: windowtext 2.25pt double;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">86,496</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="7" style="border-right: medium none; padding-right: 0pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 5pt; padding-top: 0pt; border-bottom: windowtext 2.25pt double;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: left" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">$</font></div>
              </td>
              <td valign="bottom" width="45" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 34pt; padding-top: 0pt; border-bottom: windowtext 2.25pt double;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">113,653</font></div>
              </td>
              <td valign="bottom" width="2" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 1.7pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
            </tr>
            <tr bgcolor="#cceeff" style="page-break-inside: avoid;">
              <td valign="top" width="408" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 306.05pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt 0pt 0pt 10pt; TEXT-INDENT: -10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">EPS
                  Denominator&#8212;Basic:</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="52" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 39pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="45" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 34pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="52" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 39pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="2" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 1.7pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
            </tr>
            <tr style="page-break-inside: avoid;">
              <td valign="top" width="408" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 306.05pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt 0pt 0pt 20pt; TEXT-INDENT: -10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Weighted-average
                  number of shares of common stock
                  outstanding</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="52" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 39pt; padding-top: 0pt; border-bottom: windowtext 2.25pt double;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">84,235</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="45" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 34pt; padding-top: 0pt; border-bottom: windowtext 2.25pt double;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">83,582</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="52" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 39pt; padding-top: 0pt; border-bottom: windowtext 2.25pt double;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">79,500</font></div>
              </td>
              <td valign="bottom" width="2" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 1.7pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
            </tr>
            <tr bgcolor="#cceeff" style="page-break-inside: avoid;">
              <td valign="top" width="408" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 306.05pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt 0pt 0pt 10pt; TEXT-INDENT: -10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">EPS
                  Numerator&#8212;Diluted:</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="52" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 39pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="45" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 34pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="52" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 39pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="2" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 1.7pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
            </tr>
            <tr style="page-break-inside: avoid;">
              <td valign="top" width="408" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 306.05pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt 0pt 0pt 20pt; TEXT-INDENT: -10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Net
                  income</font></div>
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="7" style="padding-right: 0pt; padding-left: 0pt; padding-bottom: 0pt; width: 5pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: left" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">$</font></div>
              </td>
              <td valign="bottom" width="45" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 34pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">370,674</font></div>
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="7" style="padding-right: 0pt; padding-left: 0pt; padding-bottom: 0pt; width: 5pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: left" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">$</font></div>
              </td>
              <td valign="bottom" width="39" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 29pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">86,496</font></div>
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="7" style="padding-right: 0pt; padding-left: 0pt; padding-bottom: 0pt; width: 5pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: left" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">$</font></div>
              </td>
              <td valign="bottom" width="45" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 34pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">113,653</font></div>
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              <td valign="bottom" width="2" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 1.7pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
            </tr>
            <tr bgcolor="#cceeff" style="page-break-inside: avoid;">
              <td valign="top" width="408" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 306.05pt; padding-top: 0pt;">
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                  for interest, net of amounts capitalized and income tax
                  effect</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="52" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 39pt; padding-top: 0pt; border-bottom: windowtext 1pt solid;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">7,557</font></div>
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="45" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 34pt; padding-top: 0pt; border-bottom: windowtext 1pt solid;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">6,484</font></div>
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="52" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 39pt; padding-top: 0pt; border-bottom: windowtext 1pt solid;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">7,315</font></div>
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              <td valign="bottom" width="2" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 1.7pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
            </tr>
            <tr style="page-break-inside: avoid;">
              <td valign="top" width="408" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 306.05pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt 0pt 0pt 20pt; TEXT-INDENT: -10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Net
                  income,
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              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="7" style="border-right: medium none; padding-right: 0pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 5pt; padding-top: 0pt; border-bottom: windowtext 2.25pt double;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: left" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">$</font></div>
              </td>
              <td valign="bottom" width="45" style="border-right: medium none; padding-right: 0.7pt; border-top: windowtext 1pt solid; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 34pt; padding-top: 0pt; border-bottom: windowtext 2.25pt double;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">378,231</font></div>
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="7" style="border-right: medium none; padding-right: 0pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 5pt; padding-top: 0pt; border-bottom: windowtext 2.25pt double;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: left" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">$</font></div>
              </td>
              <td valign="bottom" width="39" style="border-right: medium none; padding-right: 0.7pt; border-top: windowtext 1pt solid; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 29pt; padding-top: 0pt; border-bottom: windowtext 2.25pt double;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">92,980</font></div>
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="7" style="border-right: medium none; padding-right: 0pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 5pt; padding-top: 0pt; border-bottom: windowtext 2.25pt double;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: left" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">$</font></div>
              </td>
              <td valign="bottom" width="45" style="border-right: medium none; padding-right: 0.7pt; border-top: windowtext 1pt solid; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 34pt; padding-top: 0pt; border-bottom: windowtext 2.25pt double;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">120,968</font></div>
              </td>
              <td valign="bottom" width="2" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 1.7pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
            </tr>
            <tr bgcolor="#cceeff" style="page-break-inside: avoid;">
              <td valign="top" width="408" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 306.05pt; padding-top: 0pt;">
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                  Denominator&#8212;Diluted:</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="52" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 39pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="45" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 34pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="52" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 39pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="2" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 1.7pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
            </tr>
            <tr style="page-break-inside: avoid;">
              <td valign="top" width="408" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 306.05pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt 0pt 0pt 20pt; TEXT-INDENT: -10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Weighted-average
                  number of shares of common stock
                  outstanding</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="52" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 39pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">84,235</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="45" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 34pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">83,582</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="52" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 39pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">79,500</font></div>
              </td>
              <td valign="bottom" width="2" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 1.7pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
            </tr>
            <tr bgcolor="#cceeff" style="page-break-inside: avoid;">
              <td valign="top" width="408" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 306.05pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt 0pt 0pt 20pt; TEXT-INDENT: -10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Effect
                  of
                  dilutive securities:</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="52" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 39pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="45" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 34pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="52" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 39pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="2" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 1.7pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
            </tr>
            <tr style="page-break-inside: avoid;">
              <td valign="top" width="408" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 306.05pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt 0pt 0pt 30pt; TEXT-INDENT: -10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Stock
                  options</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="52" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 39pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">1,441</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="45" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 34pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">2,265</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="52" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 39pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">5,589</font></div>
              </td>
              <td valign="bottom" width="2" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 1.7pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
            </tr>
            <tr bgcolor="#cceeff" style="page-break-inside: avoid;">
              <td valign="top" width="408" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 306.05pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt 0pt 0pt 30pt; TEXT-INDENT: -10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Convertible
                  subordinated notes</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="52" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 39pt; padding-top: 0pt; border-bottom: windowtext 1pt solid;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">6,336</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="45" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 34pt; padding-top: 0pt; border-bottom: windowtext 1pt solid;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">6,336</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="52" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 39pt; padding-top: 0pt; border-bottom: windowtext 1pt solid;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">6,104</font></div>
              </td>
              <td valign="bottom" width="2" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 1.7pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
            </tr>
            <tr style="page-break-inside: avoid;">
              <td valign="top" width="408" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 306.05pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt 0pt 0pt 20pt; TEXT-INDENT: -10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Dilutive
                  potential common shares</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="52" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 39pt; padding-top: 0pt; border-bottom: windowtext 1pt solid;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">7,777</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="45" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 34pt; padding-top: 0pt; border-bottom: windowtext 1pt solid;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">8,601</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="52" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 39pt; padding-top: 0pt; border-bottom: windowtext 1pt solid;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">11,693</font></div>
              </td>
              <td valign="bottom" width="2" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 1.7pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
            </tr>
            <tr bgcolor="#cceeff" style="page-break-inside: avoid;">
              <td valign="top" width="408" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 306.05pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt 0pt 0pt 20pt; TEXT-INDENT: -10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Weighted-average
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                  shares</font></div>
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="45" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 34pt; padding-top: 0pt; border-bottom: windowtext 2.25pt double;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">92,183</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="52" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 39pt; padding-top: 0pt; border-bottom: windowtext 2.25pt double;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">91,193</font></div>
              </td>
              <td valign="bottom" width="2" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 1.7pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
            </tr>
            <tr style="page-break-inside: avoid;">
              <td valign="top" width="408" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 306.05pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt 0pt 0pt 10pt; TEXT-INDENT: -10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Basic
                  income
                  per common share</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="7" style="padding-right: 0pt; padding-left: 0pt; padding-bottom: 0pt; width: 5pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: left" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">$</font></div>
              </td>
              <td valign="bottom" width="45" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 34pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">4.40</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="7" style="padding-right: 0pt; padding-left: 0pt; padding-bottom: 0pt; width: 5pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: left" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">$</font></div>
              </td>
              <td valign="bottom" width="39" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 29pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">1.03</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="7" style="padding-right: 0pt; padding-left: 0pt; padding-bottom: 0pt; width: 5pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: left" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">$</font></div>
              </td>
              <td valign="bottom" width="45" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 34pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">1.43</font></div>
              </td>
              <td valign="bottom" width="2" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 1.7pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
            </tr>
            <tr bgcolor="#cceeff" style="page-break-inside: avoid;">
              <td valign="top" width="408" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 306.05pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt 0pt 0pt 10pt; TEXT-INDENT: -10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Diluted
                  income per common share</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="7" style="padding-right: 0pt; padding-left: 0pt; padding-bottom: 0pt; width: 5pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: left" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">$</font></div>
              </td>
              <td valign="bottom" width="45" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 34pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">4.11</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="7" style="padding-right: 0pt; padding-left: 0pt; padding-bottom: 0pt; width: 5pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: left" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">$</font></div>
              </td>
              <td valign="bottom" width="39" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 29pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">1.01</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="7" style="padding-right: 0pt; padding-left: 0pt; padding-bottom: 0pt; width: 5pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: left" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">$</font></div>
              </td>
              <td valign="bottom" width="45" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 34pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">1.33</font></div>
              </td>
              <td valign="bottom" width="2" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 1.7pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
            </tr>

        </table>
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      <div style="MARGIN: 6pt 0pt 12pt; LINE-HEIGHT: normal">&#160;</div>
      <div style="FONT-SIZE: 10pt; MARGIN: 0pt 0pt 6pt; TEXT-INDENT: 20pt; FONT-FAMILY: Times New Roman"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">For
        the year ended
        December&#160;31, 2004, potentially diluted common shares applicable to the
        5<font style="POSITION: relative; TOP: -3pt">1</font></font><font style="FONT-FAMILY: Symbol">&#164;</font>2%
        convertible notes that were converted
        during 2004 have been weighted and included for the period the convertible
        securities were outstanding prior to conversion. The dilutive effect of the
        1<font style="POSITION: relative; TOP: -3pt">3</font><font style="FONT-FAMILY: Symbol">&#164;</font>8%
        convertible notes issued in 2004 has been
        weighted and included in the diluted share computation for the period the
        convertible securities were outstanding.</div>
      <div style="MARGIN: 0pt 0pt 12pt; TEXT-INDENT: 20pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">For
        the years ended
        December&#160;31, 2006, 2005, and 2004, there were an aggregate of 8,671,000,
        8,277,000 and 2,333,000, respectively, potential common shares, excluded
        from
        the diluted loss per share computation because their inclusion would have
        had an
        anti-dilutive effect.</font></div>
      <div style="FONT-WEIGHT: bold; FONT-SIZE: 10pt; MARGIN: 0pt 0pt 6pt 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: Times New Roman"><strong><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">(10)</font></strong><font style="FONT-FAMILY: Times New Roman">&#160;&#160;
</font>Collaborative
        Agreements<a name="a10CollaborativeAgreements_210915"/></div>
      <div style="FONT-WEIGHT: bold; MARGIN: 0pt 0pt 6pt 10pt; TEXT-INDENT: -10pt; FONT-STYLE: italic"><strong><i><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">(a)&#160;Merck
        KGaA</font></i></strong></div>
      <div style="MARGIN: 0pt 0pt 6pt; TEXT-INDENT: 20pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">In
        April&#160;1990,
        the Company entered into an agreement with Merck KGaA relating to the
        development and commercialization of BEC2 and the recombinant gp75 antigen.
        Under this agreement, the Company:</font></div>
      <div style="FONT-SIZE: 10pt; MARGIN: 0pt 0pt 6pt 30pt; TEXT-INDENT: -10pt; FONT-FAMILY: Times New Roman"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol" size="2">&#183;</font><font style="FONT-SIZE: 3pt; FONT-FAMILY: Times New Roman" size="1">&#160;&#160;&#160;&#160;&#160;&#160;
</font>granted
        Merck KGaA a license,
        with the right to sublicense, to make, have made, use, sell, or have sold
        BEC2
        and gp75 antigen outside North America;</div>
      <div style="FONT-SIZE: 10pt; MARGIN: 0pt 0pt 6pt; TEXT-INDENT: 0pt; FONT-FAMILY: Times New Roman">&#160;</div>
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          </div>
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          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">F-17</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
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<br clear="all">
      <div style="FONT-WEIGHT: bold; MARGIN: 0pt 0pt 24pt; LINE-HEIGHT: 16pt; TEXT-ALIGN: center"><strong><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">IMCLONE
        SYSTEMS
        INCORPORATED<br>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
        (Continued)</font></strong></div>
      <div style="FONT-SIZE: 10pt; MARGIN: 0pt 0pt 6pt 30pt; TEXT-INDENT: -10pt; FONT-FAMILY: Times New Roman"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol" size="2">&#183;</font><font style="FONT-SIZE: 3pt; FONT-FAMILY: Times New Roman" size="1">&#160;&#160;&#160;&#160;&#160;&#160;
</font>granted
        Merck KGaA a license,
        without the right to sublicense, to use, sell, or have sold, but not to make,
        BEC2 within North America in conjunction with ImClone Systems;</div>
      <div style="FONT-SIZE: 10pt; MARGIN: 0pt 0pt 6pt 30pt; TEXT-INDENT: -10pt; FONT-FAMILY: Times New Roman"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol" size="2">&#183;</font><font style="FONT-SIZE: 3pt; FONT-FAMILY: Times New Roman" size="1">&#160;&#160;&#160;&#160;&#160;&#160;
</font>retained
        the rights,
        (1)&#160;without the right to sublicense, to make, have made, use, sell, or have
        sold BEC2 in North America in conjunction with Merck KGaA and (2)&#160;with the
        right to sublicense, to make, have made, use, sell, or have sold gp75 antigen
        in
        North America</div>
      <div style="FONT-SIZE: 10pt; MARGIN: 0pt 0pt 6pt 30pt; TEXT-INDENT: -10pt; FONT-FAMILY: Times New Roman"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol" size="2">&#183;</font><font style="FONT-SIZE: 3pt; FONT-FAMILY: Times New Roman" size="1">&#160;&#160;&#160;&#160;&#160;&#160;
</font>was
        required to give Merck
        KGaA the opportunity to negotiate a license in North America to gp75 antigen
        before granting such a license to any third party.</div>
      <div style="MARGIN: 0pt 0pt 6pt; TEXT-INDENT: 20pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">In
        return, Merck
        KGaA:</font></div>
      <div style="FONT-SIZE: 10pt; MARGIN: 0pt 0pt 6pt 30pt; TEXT-INDENT: -10pt; FONT-FAMILY: Times New Roman"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol" size="2">&#183;</font><font style="FONT-SIZE: 3pt; FONT-FAMILY: Times New Roman" size="1">&#160;&#160;&#160;&#160;&#160;&#160;
</font>made
        research support
        payments to us totaling $4.7 million;</div>
      <div style="FONT-SIZE: 10pt; MARGIN: 0pt 0pt 6pt 30pt; TEXT-INDENT: -10pt; FONT-FAMILY: Times New Roman"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol" size="2">&#183;</font><font style="FONT-SIZE: 3pt; FONT-FAMILY: Times New Roman" size="1">&#160;&#160;&#160;&#160;&#160;&#160;
</font>was
        required to make
        milestone payments to us of up to $22.5 million, of which $5.0 million was
        received through December&#160;31, 2005 based on milestones achieved in the
        product development of BEC2;</div>
      <div style="FONT-SIZE: 10pt; MARGIN: 0pt 0pt 6pt 30pt; TEXT-INDENT: -10pt; FONT-FAMILY: Times New Roman"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol" size="2">&#183;</font><font style="FONT-SIZE: 3pt; FONT-FAMILY: Times New Roman" size="1">&#160;&#160;&#160;&#160;&#160;&#160;
</font>was
        required to make royalty
        payments to us on all sales of the licensed products outside North America,
        if
        any, with a portion of the earlier funding received under the agreement being
        creditable against the amount of royalties due.</div>
      <div style="MARGIN: 0pt 0pt 6pt; TEXT-INDENT: 20pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Following
        an
        analysis of the results of various clinical studies involving BEC2 and work
        on
        the recombinant gp75 antigen, the Company and Merck KGaA determined to
        discontinue their further development and terminated the related agreement
        in
        the fourth quarter of 2005. Approximately $1.6 million of deferred revenue
        related to this agreement was recorded as revenue upon the cancellation of
        the
        contract. The Company incurred expenses of approximately $0, $19,000 and
        $333,000 for the years ended December&#160;31, 2006, 2005 and 2004,
        respectively, related to this contract.</font></div>
      <div style="MARGIN: 0pt 0pt 6pt; TEXT-INDENT: 20pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">In
        December&#160;1998, the Company entered into a development and license agreement
        with Merck KGaA with respect to ERBITUX. In exchange for granting Merck KGaA
        exclusive rights to market ERBITUX outside of the United States and Canada
        and
        co-exclusive development rights in Japan, the Company received $30.0 million
        in
        up-front cash fees and early cash payments based on the achievement of defined
        milestones, all of which were received by December&#160;31, 2001. An additional
        $30.0 million was received through December&#160;31, 2004, based upon the
        achievement of further milestones for which Merck KGaA received equity in
        the
        Company. The equity interests underlying the milestone payments were priced
        at
        varying premiums to the then-market price of the common stock depending upon
        the
        timing of the achievement of the respective milestones.</font></div>
      <div style="MARGIN: 0pt 0pt 6pt; TEXT-INDENT: 20pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Merck
        KGaA pays the
        Company a royalty on its sales of ERBITUX outside of the United States and
        Canada. In August&#160;2001, the Company and Merck KGaA amended this agreement
        to provide, among other things, that Merck KGaA may manufacture ERBITUX for
        supply in its territory and may utilize a third-party to do so upon the
        Company&#8217;s reasonable acceptance. The amendment further released Merck KGaA from
        its obligations under the agreement relating to providing a guaranty under
        a
        $30.0 million credit facility relating to the build-out of BB36. In addition,
        the amendment provides that the companies have co-exclusive rights to ERBITUX
        in
        Japan, including the right to sublicense and Merck KGaA waived its right
        of
        first offer in the case of a proposed sublicense by the Company of ERBITUX
        in
        the Company&#8217;s territory. In consideration for the amendment, the Company agreed
        to a reduction in royalties&#8217; payable by Merck KGaA on sales of ERBITUX in Merck
        KGaA&#8217;s territory.</font></div>
      <div style="MARGIN: 0pt 0pt 6pt; TEXT-INDENT: 0pt">&#160;</div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
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          </div>
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          </div>
        </div>
      </div><!--
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      <div style="FONT-WEIGHT: bold; MARGIN: 0pt 0pt 24pt; LINE-HEIGHT: 16pt; TEXT-ALIGN: center"><strong><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">IMCLONE
        SYSTEMS
        INCORPORATED<br>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
        (Continued)</font></strong></div>
      <div style="MARGIN: 0pt 0pt 6pt; TEXT-INDENT: 20pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">In
        September&#160;2002, the Company entered into a binding term sheet, effective as
        of April&#160;15, 2002, for the supply of ERBITUX to Merck KGaA, which replaced
        previous supply arrangements. The term sheet provided for Merck KGaA to purchase
        bulk and finished ERBITUX ordered from the Company during the term of the
        December&#160;1998 development and license agreement at a price equal to the
        Company&#8217;s fully loaded cost of goods. The term sheet also provided for Merck
        KGaA to use reasonable efforts to enter into its own contract manufacturing
        agreements for supply of ERBITUX and obligates Merck KGaA to reimburse the
        Company for costs associated with transferring technology and any other services
        requested by Merck KGaA relating to establishing its own manufacturing or
        contract manufacturing capacity.</font></div>
      <div style="FONT-SIZE: 10pt; MARGIN: 0pt 0pt 12pt; TEXT-INDENT: 20pt; FONT-FAMILY: Times New Roman"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">In
        July&#160;2006,
        the Company and Merck KGaA entered into agreements amending and supplementing
        the 1998 development and license agreement. As part of the agreements, the
        Company consented to Merck KGaA&#8217;s sublicense of certain intellectual property
        rights relating to the development and commercialization of an anti-EGFR
        antibody to Takeda Pharmaceutical Company (&#8220;Takeda&#8221;). Merck KGaA and Takeda
        signed an alliance in September&#160;2005 for the development and
        commercialization of matuzumab (EMD-72000), a humanized EGFR-targeting
        monoclonal antibody. In consideration for the Company&#8217;s consent, Merck KGaA
        agreed to pay the Company </font><font style="FONT-FAMILY: Times New Roman">&#8364;</font>2.5 million within
        30 days of the
        execution of the agreements and a further <font style="FONT-FAMILY: Times New Roman">&#8364;</font>5.0 million within 30
        days of the
        Company&#8217;s written consent to the sublicense. The Company received the first
        payment of <font style="FONT-FAMILY: Times New Roman">&#8364;</font>2.5 million in
        August&#160;of 2006 and has deferred the revenue associated with this payment
        and is recognizing it over the estimated service period. The Company expects
        to
        give written consent to sublicense in the first quarter of 2007. In addition,
        Merck KGaA agreed to increase its fixed royalty to 9.5% on net sales of ERBITUX
        outside the U.S. and Canada, effective July&#160;1, 2006. The agreements also
        promote freedom to operate in the development and commercialization of matuzumab
        outside the United States and Canada and of IMC-11F8 (a fully-human
        EGFR-targeted IgG1 monoclonal antibody being developed by ImClone Systems)
        within the United States and Canada through the granting of certain reciprocal
        rights, including the sharing of confidential technical information. This
        is in
        addition to the exclusive rights held by the Company to develop and
        commercialize IMC-11F8 outside of the United States and Canada. The agreements
        do not extend to key intellectual property rights in the U.S. and Canada,
        where
        the Company and its partner Bristol-Myers Squibb continue to hold exclusive
        licenses to key patents covering certain uses of EGFR-targeted monoclonal
        antibodies. The Company has a liability due Merck KGaA of approximately $58,000
        and $2.5 million as of December&#160;31, 2006 and 2005, respectively.</div>
      <div style="FONT-WEIGHT: bold; MARGIN: 0pt 0pt 6pt 10pt; TEXT-INDENT: -10pt; FONT-STYLE: italic"><strong><i><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">(b)&#160;Bristol-Myers
        Squibb Company</font></i></strong></div>
      <div style="MARGIN: 0pt 0pt 6pt; TEXT-INDENT: 20pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">On
        September&#160;19, 2001, the Company entered into an acquisition agreement (the
&#8220;Acquisition Agreement&#8221;) with BMS and Bristol-Myers Squibb Biologics Company, a
        Delaware corporation (&#8220;BMS Biologics&#8221;), which is a wholly-owned subsidiary of
        BMS, providing for the tender offer by BMS Biologics to purchase up to
        14,392,003 shares of the Company&#8217;s common stock for $70.00 per share, net to the
        seller in cash. In connection with the Acquisition Agreement, the Company
        entered into a stockholder agreement with BMS and BMS Biologics, dated as
        of
        September&#160;19, 2001 (the &#8220;Stockholder Agreement&#8221;), pursuant to which all
        parties agreed to various arrangements regarding the respective rights and
        obligations of each party with respect to, among other things,&#160; the
        ownership of shares of the Company&#8217;s common stock by BMS and BMS Biologics.
        Concurrent with the execution of the Acquisition Agreement and the Stockholder
        Agreement, the Company entered into the Commercial Agreement with BMS and
        E.R.&#160;Squibb, relating to ERBITUX, pursuant to which, among other things,
        BMS and E.R. Squibb are co-developing and co-promoting ERBITUX in the United
        States and Canada with the Company, and are </font></div>
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      <div style="FONT-WEIGHT: bold; MARGIN: 0pt 0pt 24pt; LINE-HEIGHT: 16pt; TEXT-ALIGN: center"><strong><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">IMCLONE
        SYSTEMS
        INCORPORATED<br>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
        (Continued)</font></strong></div>
      <div style="MARGIN: 0pt 0pt 6pt; TEXT-INDENT: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">co-developing
        and
        co-promoting ERBITUX in Japan with the Company and either together or
        co-exclusively with Merck KGaA.</font></div>
      <div style="MARGIN: 0pt 0pt 12pt; TEXT-INDENT: 20pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">On
        March&#160;5,
        2002, the Company amended the Commercial Agreement with E.R. Squibb and BMS.
        The
        amendment changed certain economics of the Commercial Agreement and expanded
        the
        clinical and strategic roles of BMS in the ERBITUX development program. One
        of
        the principal economic changes to the Commercial Agreement is that the Company
        received payments of $140.0 million on March&#160;7, 2002 and $60.0 million on
        March&#160;5, 2003. Such payments are in lieu of the $300.0 million milestone
        payment the Company would have received upon acceptance by the FDA of the
        ERBITUX BLA under the original terms of the Commercial Agreement. The terms
        of
        the Commercial Agreement, as amended on March&#160;5, 2002, are set forth in
        more detail below.</font></div>
      <div style="FONT-WEIGHT: bold; MARGIN: 0pt 0pt 6pt 10pt; TEXT-INDENT: -10pt; FONT-STYLE: italic"><strong><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Commercial
        Agreement</font></strong></div>
      <div style="FONT-SIZE: 10pt; MARGIN: 0pt 0pt 6pt; TEXT-INDENT: 20pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">Rights
        Granted to E.R. Squibb&#8212;<font style="FONT-STYLE: normal">Pursuant to the
        Commercial Agreement, as amended on March&#160;5, 2002, the Company granted to
        E.R. Squibb (1)&#160;the exclusive right to distribute, and the co-exclusive
        right to develop and promote (together with the Company) any prescription
        pharmaceutical product using the compound ERBITUX (the &#8220;product&#8221;) in the United
        States and Canada, (2)&#160;the co-exclusive right to develop, distribute and
        promote (together with the Company and together or co-exclusively with Merck
        KGaA and its affiliates) the product in Japan, and (3)&#160;the non-exclusive
        right to use the Company&#8217;s registered trademarks for the product in the United
        States, Canada and Japan (collectively, the &#8220;territory&#8221;) in connection with the
        foregoing. In addition, the Company agreed not to grant any right or license
        to
        any third party, or otherwise permit any third party, to develop ERBITUX
        for
        animal health or any other application outside the human health field without
        the prior consent of E.R. Squibb (which consent may not be unreasonably
        withheld).</font></div>
      <div style="FONT-SIZE: 10pt; MARGIN: 0pt 0pt 6pt; TEXT-INDENT: 20pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman"><font style="FONT-STYLE: italic"><i><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Rights
        Granted to
        the Company</font></i></font><font style="FONT-STYLE: italic"><i>&#8212;</i></font><font style="FONT-STYLE: normal">Pursuant
        to the Commercial Agreement, E.R. Squibb has
        granted to the Company and the Company&#8217;s affiliates a license, without the right
        to grant sublicenses (other than to Merck KGaA and its affiliates for use
        in
        Japan and to any third party for use outside the territory), to use solely
        for
        the purpose of developing, using, manufacturing, promoting, distributing
        and
        selling ERBITUX or the product, any process, know-how or other invention
        developed solely by E.R. Squibb or BMS that has general utility in connection
        with other products or compounds in addition to ERBITUX or the product (&#8220;E.R.
        Squibb Inventions&#8221;).</font></div>
      <div style="FONT-SIZE: 10pt; MARGIN: 0pt 0pt 6pt; TEXT-INDENT: 20pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman"><font style="FONT-STYLE: italic"><i><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Up-Front
        and
        Milestone Payments</font></i></font><font style="FONT-STYLE: italic"><i>&#8212;</i></font><font style="FONT-STYLE: normal">The
        Commercial Agreement provided for up-front and milestone payments by E.R.
        Squibb
        to the Company of $900.0 million in the aggregate, of which $200.0 million
        was
        paid on September&#160;19, 2001, $140.0 million was paid on March&#160;7, 2002,
        $60.0 million was paid on March&#160;5, 2003,&#160; $250.0 million was paid on
        March&#160;12, 2004, and&#160; $250.0 million was paid on March&#160;31, 2006,
        as a result of obtaining FDA approval on March&#160;1, 2006 of ERBITUX for use
        in the treatment of SCCHN. All such payments are non-refundable and
        non-creditable.</font></div>
      <div style="FONT-SIZE: 10pt; MARGIN: 0pt 0pt 6pt; TEXT-INDENT: 20pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman"><font style="FONT-STYLE: italic"><i><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Distribution
        Fees</font></i></font><font style="FONT-STYLE: italic"><i>&#8212;</i></font><font style="FONT-STYLE: normal">The
        Commercial Agreement provides that E.R. Squibb
        shall pay the Company distribution fees based on a percentage of &#8220;annual net
        sales&#8221; of the product (as defined in the Commercial Agreement) by E.R. Squibb in
        the United States and Canada. The distribution fee is 39% of net sales in
        the
        United States and Canada. The Commercial Agreement also provides that the
        distribution fees for the sale of the product in Japan by E.R. Squibb or
        ImClone
        Systems shall be equal to 50% of operating profit or loss with respect to
        such
        sales for any calendar month. In the event of an operating profit, E.R. Squibb
        </font></div>
      <div style="FONT-SIZE: 10pt; MARGIN: 0pt 0pt 6pt; TEXT-INDENT: 0pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">&#160;</div>
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      <div style="FONT-WEIGHT: bold; MARGIN: 0pt 0pt 24pt; LINE-HEIGHT: 16pt; TEXT-ALIGN: center"><strong><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">IMCLONE
        SYSTEMS
        INCORPORATED<br>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
        (Continued)</font></strong></div>
      <div style="MARGIN: 0pt 0pt 6pt; TEXT-INDENT: 0pt; FONT-STYLE: italic"><i><font style="FONT-SIZE: 10pt; FONT-STYLE: normal; FONT-FAMILY: Times New Roman" size="2">shall
        pay the Company the amount of such distribution fee, and in the
        event of an operating loss, the Company shall credit E.R. Squibb the amount
        of
        such distribution fee.</font></i></div>
      <div style="FONT-SIZE: 10pt; MARGIN: 0pt 0pt 6pt; TEXT-INDENT: 20pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman"><font style="FONT-STYLE: italic"><i><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Development
        of the
        Product</font></i></font><font style="FONT-STYLE: italic"><i>&#8212;</i></font><font style="FONT-STYLE: normal">Responsibilities
        associated with clinical and other
        ongoing studies are apportioned between the parties as determined by the
        product
        development committee described below. The Commercial Agreement provides
        for the
        establishment of clinical development plans setting forth the activities
        to be
        undertaken by the parties for the purpose of obtaining marketing approvals,
        providing market support and developing new indications and formulations
        of the
        product. After transition of responsibilities for certain clinical and other
        studies, each party is primarily responsible for performing the studies
        designated to it in the clinical development plans. In the United States
        and
        Canada, the Commercial Agreement provides that E.R. Squibb is responsible
        for
        100% of the cost of all clinical studies other than those studies undertaken
        post-launch which are not pursuant to an IND (e.g. Phase IV studies), the
        cost
        of which is shared equally between E.R. Squibb and ImClone Systems. As between
        E.R. Squibb and ImClone Systems, each is responsible for 50% of the costs
        of all
        studies in Japan. The Company has also agreed, and may agree in the future,
        to
        share with E.R. Squibb, on terms other than the foregoing, costs of clinical
        trials that the Company believes are not potentially registrational but should
        be undertaken prior to launch in the United States, Canada or Japan. In
        addition, to the extent that in 2005 and 2006 the Company and BMS exceed
        the
        contractual maximum registrational costs for clinical development, the Company
        has agreed to share such cost with BMS. The Company has incurred approximately
        $20.8 million,&#160; $19.9 million and $9.1 million pursuant to such cost
        sharing for the years ended December&#160;31, 2006, 2005 and 2004, respectively.
        The Company has also incurred approximately $3.1 million, $1.4 million and
        $721,000 for the years ended December&#160;31, 2006, 2005 and 2004,
        respectively, related to the agreement with respect to development in Japan.
        Except as otherwise agreed upon by the parties, the Company will own all
        registrations for the product and is primarily responsible for the regulatory
        activities leading to registration in each country. E.R. Squibb will be
        primarily responsible for the regulatory activities in each country after
        the
        product has been registered in that country. Pursuant to the terms of the
        Commercial Agreement, as amended, Andrew G. Bodnar, M.D., J.D., Senior Vice
        President, Strategy and Medical&#160;&amp; External Affairs of BMS, and a member
        of the Company&#8217;s Board of Directors, is entitled to oversee the implementation
        of the clinical and regulatory plan for ERBITUX.</font></div>
      <div style="FONT-SIZE: 10pt; MARGIN: 6pt 0pt; TEXT-INDENT: 20pt; FONT-FAMILY: Times New Roman"><font style="FONT-STYLE: italic"><i><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Distribution
        and
        Promotion of the Product&#8212;</font></i></font>Pursuant to the Commercial Agreement,
        E.R. Squibb has agreed to use all commercially reasonable efforts to launch,
        promote and sell the product in the territory with the objective of maximizing
        the sales potential of the product and promoting the therapeutic profile
        and
        benefits of the product in the most commercially beneficial manner. In
        connection with its responsibilities for distribution, marketing and sales
        of
        the product in the territory, E.R. Squibb is performing all relevant functions,
        including but not limited to the provision of sales force personnel, marketing,
        warehousing and physical distribution of the product.</div>
      <div style="MARGIN: 0pt 0pt 6pt; TEXT-INDENT: 20pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">However,
        the
        Company has the right, at its election and sole expense, to co-promote with
        E.R.
        Squibb the product in the territory. Pursuant to this co-promotion option,
        which
        the Company has exercised, the Company is entitled on and after April&#160;11,
        2002 (at the Company&#8217;s sole expense) to have the Company&#8217;s field organization
        participate in the promotion of the product consistent with the marketing
        plan
        agreed upon by the parties, provided that E.R. Squibb retains the exclusive
        rights to sell and distribute the product. Except for the Company&#8217;s expenses
        incurred pursuant to the co-promotion option, E.R. Squibb is responsible
        for
        100% of the distribution, sales and marketing costs in the United States
        and
        Canada, and as between E.R. Squibb and ImClone Systems, each is responsible
        for
        50% of the distribution, sales, marketing costs and other related costs and
        expenses in Japan. During the third quarter of 2004, the </font></div>
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      <div style="FONT-WEIGHT: bold; MARGIN: 0pt 0pt 24pt; LINE-HEIGHT: 16pt; TEXT-ALIGN: center"><strong><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">IMCLONE
        SYSTEMS
        INCORPORATED<br>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
        (Continued)</font></strong></div>
      <div style="MARGIN: 0pt 0pt 6pt; TEXT-INDENT: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Company
        established
        a sales force to maximize the potential commercial opportunities for ERBITUX
        and
        to serve as a foundation for the marketing of future products derived either
        from within the Company&#8217;s pipeline or through business development
        opportunities.</font></div>
      <div style="FONT-SIZE: 10pt; MARGIN: 6pt 0pt; TEXT-INDENT: 20pt; FONT-FAMILY: Times New Roman"><font style="FONT-STYLE: italic"><i><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Manufacture
        and
        Supply&#8212;</font></i></font>The Commercial Agreement provides that the Company is
        responsible for the manufacture and supply of all requirements of ERBITUX
        in
        bulk form (&#8220;API&#8221;) for clinical and commercial use in the territory, and that
        E.R. Squibb will purchase all of its requirements of API for commercial use
        from
        the Company. The Company supplies API for clinical use at the Company&#8217;s fully
        burdened manufacturing cost, and supplies API for commercial use at the
        Company&#8217;s fully burdened manufacturing cost plus a mark-up of 10%. The agreement
        also specifies that the Company should use reasonable efforts to reduce the
        fully burdened manufacturing cost of producing bulk ERBITUX over time.
        Specifically, beginning with 2006 production of bulk ERBITUX, the agreement
        provides that the cost of API should not exceed a predetermined price per
        gram.
        Any excess over such amount will be shared equally by the Company and BMS.</div>
      <div style="MARGIN: 0pt 0pt 6pt; TEXT-INDENT: 20pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Upon
        the
        expiration, termination or assignment of any existing agreements between
        ImClone
        Systems and third party manufacturers, E.R. Squibb will be responsible for
        processing API into the finished form of the product. Sales of ERBITUX to
        BMS
        for commercial use are reflected in the Company&#8217;s Consolidated Statements of
        Operations as Manufacturing revenue.</font></div>
      <div style="FONT-SIZE: 10pt; MARGIN: 6pt 0pt; TEXT-INDENT: 20pt; FONT-FAMILY: Times New Roman"><font style="FONT-STYLE: italic"><i><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Management&#8212;</font></i></font>
        The parties have formed the following
        committees for purposes of managing their relationship and their respective
        rights and obligations under the Commercial Agreement:</div>
      <div style="FONT-SIZE: 10pt; MARGIN: 0pt 0pt 6pt 30pt; TEXT-INDENT: -10pt; FONT-FAMILY: Times New Roman"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol" size="2">&#183;</font><font style="FONT-SIZE: 3pt; FONT-FAMILY: Times New Roman" size="1">&#160;&#160;&#160;&#160;&#160;&#160;
</font>a
        Joint Executive Committee
        (the &#8220;JEC&#8221;), which consists of certain senior officers of each party. The JEC is
        co-chaired by a representative of each of BMS and the Company. The JEC is
        responsible for, among other things, managing and overseeing the development
        and
        commercialization of ERBITUX pursuant to the terms of the Commercial Agreement,
        approving the annual budgets and multi-year expense forecasts, and resolving
        disputes, disagreements and deadlocks arising in the other committees;</div>
      <div style="FONT-SIZE: 10pt; MARGIN: 0pt 0pt 6pt 30pt; TEXT-INDENT: -10pt; FONT-FAMILY: Times New Roman"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol" size="2">&#183;</font><font style="FONT-SIZE: 3pt; FONT-FAMILY: Times New Roman" size="1">&#160;&#160;&#160;&#160;&#160;&#160;
</font>a
        Product Development
        Committee (the &#8220;PDC&#8221;), which consists of members of senior management of each
        party with expertise in pharmaceutical drug development and/or marketing.
        The
        PDC is chaired by the Company&#8217;s representative. The PDC is responsible for,
        among other things, managing and overseeing the development and implementation
        of the clinical development plans, comparing actual versus budgeted clinical
        development and regulatory expenses, and reviewing the progress of the
        registrational studies;</div>
      <div style="FONT-SIZE: 10pt; MARGIN: 0pt 0pt 6pt 30pt; TEXT-INDENT: -10pt; FONT-FAMILY: Times New Roman"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol" size="2">&#183;</font><font style="FONT-SIZE: 3pt; FONT-FAMILY: Times New Roman" size="1">&#160;&#160;&#160;&#160;&#160;&#160;
</font>a
        Joint Commercialization
        Committee (the &#8220;JCC&#8221;), which consists of members of senior management of each
        party with clinical experience and expertise in marketing and sales. The
        JCC is
        chaired by a representative of BMS. The JCC is responsible for, among other
        things, overseeing the preparation and implementation of the marketing plans,
        coordinating the sales efforts of E.R. Squibb and the Company, and reviewing
        and
        approving the marketing and promotional plans for the product in the territory;
        and</div>
      <div style="FONT-SIZE: 10pt; MARGIN: 0pt 0pt 6pt 30pt; TEXT-INDENT: -10pt; FONT-FAMILY: Times New Roman"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol" size="2">&#183;</font><font style="FONT-SIZE: 3pt; FONT-FAMILY: Times New Roman" size="1">&#160;&#160;&#160;&#160;&#160;&#160;
</font>a
        Joint Manufacturing
        Committee (the &#8220;JMC&#8221;), which consists of members of senior management of each
        party with expertise in manufacturing. The JMC is chaired by the Company&#8217;s
        representative (unless a determination is made that a long-term inability
        to
        supply API exists, in which case the JMC will be co-chaired by representatives
        of E.R. Squibb and the Company). The JMC is </div>
      <div style="FONT-SIZE: 10pt; MARGIN: 0pt 0pt 6pt; TEXT-INDENT: 0pt; FONT-FAMILY: Times New Roman">&#160;</div>
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          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
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          </div>
        </div>
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      <div style="FONT-WEIGHT: bold; MARGIN: 0pt 0pt 24pt; LINE-HEIGHT: 16pt; TEXT-ALIGN: center"><strong><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">IMCLONE
        SYSTEMS
        INCORPORATED<br>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
        (Continued)</font></strong></div>
      <div style="MARGIN: 0pt 0pt 6pt 30pt; TEXT-INDENT: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">responsible
        for,
        among other things, overseeing and coordinating the manufacturing and supply
        of
        API and the product, and formulating and directing the manufacturing strategy
        for the product.</font></div>
      <div style="MARGIN: 0pt 0pt 6pt; TEXT-INDENT: 20pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Any
        matter that is
        the subject of a deadlock (i.e., no consensus decision) in the PDC, the JCC
        or
        the JMC will be referred to the JEC for resolution. Subject to certain
        exceptions, deadlocks in the JEC will be resolved as follows: (1)&#160;if the
        matter was also the subject of a deadlock in the PDC, by the co-chairperson
        of
        the JEC designated by the Company, (2)&#160;if the matter was also the subject
        of a deadlock in the JCC, by the co-chairperson of the JEC designated by
        BMS, or
        (3)&#160;if the matter was also the subject of a deadlock in the JMC, by the
        co-chairperson of the JEC designated by the Company. All other deadlocks
        in the
        JEC will be resolved by arbitration.</font></div>
      <div style="FONT-SIZE: 10pt; MARGIN: 6pt 0pt; TEXT-INDENT: 20pt; FONT-FAMILY: Times New Roman"><font style="FONT-STYLE: italic"><i><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Restriction
        on
        Competing Products&#8212;</font></i></font>During the period from the date of the
        Commercial Agreement until September&#160;19, 2008, the parties have agreed not
        to, directly or indirectly, develop or commercialize a competing product
        (defined as a product that has as its only mechanism of action an antagonism
        of
        the EGFR) in any country in the territory. In the event that any party proposes
        to commercialize a competing product or purchases or otherwise takes control
        of
        a third party which has developed or commercialized a competing product,
        then
        such party must either divest the competing product within 12&#160;months or
        offer the other party the right to participate in the commercialization and
        development of the competing product on a 50/50 basis (provided that if the
        parties cannot reach agreement with respect to such an agreement, the competing
        product must be divested within 12&#160;months).</div>
      <div style="FONT-SIZE: 10pt; MARGIN: 6pt 0pt; TEXT-INDENT: 20pt; FONT-FAMILY: Times New Roman"><font style="FONT-STYLE: italic"><i><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Ownership&#8212;</font></i></font>The
        Commercial Agreement provides that the
        Company owns all data and information concerning ERBITUX and the product
        and
        (except for the E.R. Squibb Inventions) all processes, know-how and other
        inventions relating to the product and developed by either party or jointly
        by
        the parties. E.R. Squibb, however, has the right to use all such data and
        information, and all such processes, know-how or other inventions, in order
        to
        fulfill its obligations under the Commercial Agreement.</div>
      <div style="FONT-SIZE: 10pt; MARGIN: 0pt 0pt 6pt; TEXT-INDENT: 20pt; FONT-FAMILY: Times New Roman"><font style="FONT-STYLE: italic"><i><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Product
        Recalls&#8212;</font></i></font>If E.R. Squibb is required by any regulatory authority
        to recall the product in any country in the territory (or if the JCC determines
        such a recall to be appropriate), then E.R. Squibb and ImClone Systems shall
        bear the costs and expenses associated with such a recall (1)&#160;in the United
        States and Canada, in the proportion of 39% for ImClone Systems and 61% for
        E.R.
        Squibb and (2)&#160;in Japan, in the proportion for which each party is entitled
        to receive operating profit or loss (unless, in the territory, the predominant
        cause for such a recall is the fault of either party, in which case all such
        costs and expenses shall be borne by such party).</div>
      <div style="FONT-SIZE: 10pt; MARGIN: 6pt 0pt; TEXT-INDENT: 20pt; FONT-FAMILY: Times New Roman"><font style="FONT-STYLE: italic"><i><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Mandatory
        Transfer&#8212;</font></i></font>Each of BMS and E.R. Squibb has agreed under the
        Commercial Agreement that in the event it sells or otherwise transfers all
        or
        substantially all of its pharmaceutical business or pharmaceutical oncology
        business, it must also transfer to the transferee its rights and obligations
        under the Commercial Agreement.</div>
      <div style="FONT-SIZE: 10pt; MARGIN: 6pt 0pt; TEXT-INDENT: 20pt; FONT-FAMILY: Times New Roman"><font style="FONT-STYLE: italic"><i><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Indemnification&#8212;</font></i></font>
        Pursuant to the Commercial Agreement,
        each party has agreed to indemnify the other for (1)&#160;its negligence,
        recklessness or wrongful intentional acts or omissions, (2)&#160;its failure to
        perform certain of its obligations under the agreement, and (3)&#160;any breach
        of its representations and warranties under the agreement.</div>
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    <div>
      <div style="FONT-WEIGHT: bold; MARGIN: 0pt 0pt 24pt; LINE-HEIGHT: 16pt; TEXT-ALIGN: center"><strong><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">IMCLONE
        SYSTEMS
        INCORPORATED<br>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
        (Continued)</font></strong></div>
      <div style="FONT-SIZE: 10pt; MARGIN: 0pt 0pt 6pt; TEXT-INDENT: 20pt; FONT-FAMILY: Times New Roman"><font style="FONT-STYLE: italic"><i><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Termination&#8212;</font></i></font>
        Unless earlier terminated pursuant to the
        termination rights discussed below, the Commercial Agreement expires with
        regard
        to the product in each country in the territory on the later of
        September&#160;19, 2018 and the date on which the sale of the product ceases to
        be covered by a validly issued or pending patent in such country. The Commercial
        Agreement may also be terminated prior to such expiration as follows:</div>
      <div style="FONT-SIZE: 10pt; MARGIN: 0pt 0pt 6pt 30pt; TEXT-INDENT: -10pt; FONT-FAMILY: Times New Roman"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol" size="2">&#183;</font><font style="FONT-SIZE: 3pt; FONT-FAMILY: Times New Roman" size="1">&#160;&#160;&#160;&#160;&#160;&#160;
</font>by
        either party, in the event
        that the other party materially breaches any of its material obligations
        under
        the Commercial Agreement and has not cured such breach within 60&#160;days after
        notice;</div>
      <div style="FONT-SIZE: 10pt; MARGIN: 0pt 0pt 12pt 30pt; TEXT-INDENT: -10pt; FONT-FAMILY: Times New Roman"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol" size="2">&#183;</font><font style="FONT-SIZE: 3pt; FONT-FAMILY: Times New Roman" size="1">&#160;&#160;&#160;&#160;&#160;&#160;
</font>by
        E.R. Squibb, if the JEC
        determines that there exists a significant concern regarding a regulatory
        or
        patient safety issue that would seriously impact the long-term viability
        of all
        products.</div>
      <div style="FONT-WEIGHT: bold; MARGIN: 0pt 0pt 6pt 10pt; TEXT-INDENT: -10pt; FONT-STYLE: italic"><strong><i><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Stockholder
        Agreement<a name="StockholderAgreement_213211"/></font></i></strong></div>
      <div style="MARGIN: 0pt 0pt 6pt; TEXT-INDENT: 20pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Pursuant
        to the
        Stockholder Agreement, the Company&#8217;s Board was increased from ten to twelve
        members in October&#160;2001. Our Board has subsequently been reduced to eleven
        members. BMS received the right to nominate two directors to the Company&#8217;s Board
        (each a &#8220;BMS director&#8221;) so long as its ownership interest in ImClone Systems is
        12.5% or greater. If BMS&#8217; ownership interest is 5% or greater but less than
        12.5%, BMS will have the right to nominate one BMS director, and if BMS&#8217;
ownership interest is less than 5%, BMS will have no right to nominate a
        BMS
        director. If the size of the Board is increased to a number greater than
        twelve,
        the number of BMS directors would be increased, subject to rounding, such
        that
        the number of BMS directors is proportionate to the lesser of BMS&#8217; then-current
        ownership interest and 19.9%. Notwithstanding the foregoing, BMS will have
        no
        right to nominate any BMS directors if (1)&#160;the Company has terminated the
        Commercial Agreement due to a material breach by BMS or (2)&#160;BMS&#8217; ownership
        interest were to remain below 5% for 45 consecutive days.</font></div>
      <div style="MARGIN: 0pt 0pt 6pt; TEXT-INDENT: 20pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Based
        on the number
        of shares of common stock acquired pursuant to the tender offer and the fact
        that we currently have ten, BMS has the right to nominate two directors.
        BMS
        designated Andrew G. Bodnar, M.D., J.D., BMS&#8217; Senior Vice President, Strategy
        and Medical&#160;&amp; External Affairs, as one of the initial BMS directors.
        The nomination of Dr.&#160;Bodnar was approved by the Board on November&#160;15,
        2001. BMS has not yet designated an individual to fill the open Board
        seat.</font></div>
      <div style="FONT-SIZE: 10pt; MARGIN: 0pt 0pt 6pt; TEXT-INDENT: 20pt; FONT-FAMILY: Times New Roman"><font style="FONT-STYLE: italic"><i><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Voting
        of
        Shares&#8212;</font></i></font>During the period in which BMS has the right to
        nominate up to two BMS directors, BMS and its affiliates are required to
        vote
        all of their shares in the same proportion as the votes cast by all of the
        Company&#8217;s other stockholders with respect to the election or removal of non-BMS
        directors.</div>
      <div style="FONT-SIZE: 10pt; MARGIN: 0pt 0pt 6pt; TEXT-INDENT: 20pt; FONT-FAMILY: Times New Roman"><font style="FONT-STYLE: italic"><i><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Committees
        of the
        Board of Directors&#8212;</font></i></font>During the period in which BMS has the
        right to nominate up to two BMS directors, BMS also has the right, subject
        to
        certain exceptions and limitations, to have one member of each committee
        of the
        Board be a BMS director.</div>
      <div style="FONT-SIZE: 10pt; MARGIN: 0pt 0pt 6pt; TEXT-INDENT: 20pt; FONT-FAMILY: Times New Roman"><font style="FONT-STYLE: italic"><i><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Transfers
        of
        Shares&#8212;</font></i></font>Neither BMS nor any of its affiliates may transfer any
        shares or enter into any arrangement that transfers any of the economic
        consequences associated with the ownership of shares, except (1)&#160;pursuant
        to registration rights granted to BMS with respect to the shares,
        (2)&#160;pursuant to Rule&#160;144 under the Securities Act of 1933, as amended
        or (3)&#160;for certain hedging transactions. Any such transfer is subject to
        the following limitations: (1)&#160;the transferee may not acquire beneficial
        ownership of more than 5% of the then-outstanding shares of common stock;
        (2)&#160;no more than 10% of the total outstanding shares of common stock may be
        sold in any one registered underwritten public offering; and (3)&#160;neither
        BMS nor any of its affiliates may transfer shares of common stock (except
        for
        registered firm </div>
      <div style="FONT-SIZE: 10pt; MARGIN: 0pt 0pt 6pt; TEXT-INDENT: 0pt; FONT-FAMILY: Times New Roman">&#160;</div>
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      <div style="FONT-WEIGHT: bold; MARGIN: 0pt 0pt 24pt; LINE-HEIGHT: 16pt; TEXT-ALIGN: center"><strong><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">IMCLONE
        SYSTEMS
        INCORPORATED<br>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
        (Continued)</font></strong></div>
      <div style="MARGIN: 0pt 0pt 6pt; TEXT-INDENT: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">commitment
        underwritten public offerings pursuant to the registration rights described
        below) or enter into hedging transactions in any twelve-month period that
        would,
        individually or in the aggregate, have the effect of reducing the economic
        exposure of BMS and its affiliates by the equivalent of more than 10% of
        the
        maximum number of shares of common stock owned by BMS and its affiliates
        at any
        time after September&#160;19, 2001. Notwithstanding the foregoing, BMS Biologics
        may transfer all, but not less than all, of the shares of common stock owned
        by
        it to BMS or to E.R. Squibb or another wholly-owned subsidiary of
        BMS.</font></div>
      <div style="FONT-SIZE: 10pt; MARGIN: 0pt 0pt 12pt; TEXT-INDENT: 20pt; FONT-FAMILY: Times New Roman"><font style="FONT-STYLE: italic"><i><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Registration
        Rights&#8212;</font></i></font>The Company granted BMS customary registration rights
        with respect to shares of common stock owned by BMS or any of its
        affiliates.</div>
      <div style="FONT-WEIGHT: bold; FONT-SIZE: 10pt; MARGIN: 0pt 0pt 6pt 10pt; TEXT-INDENT: -10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman"><strong><i><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">(c)</font></i></strong><font style="FONT-FAMILY: Times New Roman">&#160;&#160;
</font>UCB
        S.A.</div>
      <div style="MARGIN: 0pt 0pt 12pt; TEXT-INDENT: 20pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">In
        August&#160;2005, the Company entered into a Collaboration and License Agreement
        with UCB S.A. (&#8220;UCB&#8221;), a company registered in Belgium, for the development and
        commercialization of CDP-791, UCB&#8217;s novel, investigational PEGylated di-Fab
        antibody targeting the vascular endothelial growth factor receptor-2
        (&#8220;VEGFR-2&#8221;). No upfront or milestone payments were payable under the Agreement.
        In the first quarter of 2007, the Company terminated this agreement with
        UCB,
        largely due to substantial progress made in the development of 1121B and
        agreed
        to pay UCB $450,000 as settlement of all previous amounts due related to
        expenses associated with the co-development activities under the agreement.
        As
        part of this settlement, the Company will receive a single-digit royalty
        on net
        sales worldwide upon commercialization of such indications. The Company had
        recorded as of December&#160;31, 2005 an expense of $2.5 million in its
        financial statements related to the agreement. As a result of the termination
        of
        this contract, the Company reversed $2.0 million in 2006 of the previously
        expensed amount. Therefore, the Company had a liability due to UCB of $450,000
        and $2.5 million as of December&#160;31, 2006 and 2005,
        respectively.</font></div>
      <div style="FONT-WEIGHT: bold; MARGIN: 0pt 0pt 6pt 30pt; TEXT-INDENT: -10pt; FONT-STYLE: italic"><strong><i><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Collaborative
        Agreement Tables</font></i></strong></div>
      <div style="MARGIN: 0pt 0pt 12pt; TEXT-INDENT: 20pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Royalty
        revenue
        consists of the following: (in thousands)</font></div>
      <div align="center">
        <table bgcolor="white" border="0" cellpadding="0" cellspacing="0" style="BACKGROUND: white; BORDER-COLLAPSE: collapse">

            <tr style="page-break-inside: avoid;">
              <td valign="bottom" width="401" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 301.1pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
              </td>
              <td colspan="8" valign="bottom" width="188" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 141pt; padding-top: 0pt; border-bottom: windowtext 1pt solid;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center"><strong><font style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman" size="1">Year&#160;Ended&#160;December&#160;31,</font></strong></div>
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              <td valign="bottom" width="2" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 1.7pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
              </td>
            </tr>
            <tr style="page-break-inside: avoid;">
              <td valign="bottom" width="401" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 301.1pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="52" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 39pt; padding-top: 0pt; border-bottom: windowtext 1pt solid;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center"><strong><font style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman" size="1">2006</font></strong></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="52" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 39pt; padding-top: 0pt; border-bottom: windowtext 1pt solid;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center"><strong><font style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman" size="1">2005</font></strong></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="52" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 39pt; padding-top: 0pt; border-bottom: windowtext 1pt solid;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center"><strong><font style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman" size="1">2004</font></strong></div>
              </td>
              <td valign="bottom" width="2" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 1.7pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
              </td>
            </tr>
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              <td valign="top" width="401" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 301.1pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt 0pt 0pt 10pt; TEXT-INDENT: -10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">BMS</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="7" style="padding-right: 0pt; padding-left: 0pt; padding-bottom: 0pt; width: 5pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: left" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">$</font></div>
              </td>
              <td valign="bottom" width="45" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 34pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">254,359</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="7" style="padding-right: 0pt; padding-left: 0pt; padding-bottom: 0pt; width: 5pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: left" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">$</font></div>
              </td>
              <td valign="bottom" width="45" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 34pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">161,116</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="7" style="padding-right: 0pt; padding-left: 0pt; padding-bottom: 0pt; width: 5pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: left" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">$</font></div>
              </td>
              <td valign="bottom" width="45" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 34pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">101,703</font></div>
              </td>
              <td valign="bottom" width="2" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 1.7pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
            </tr>
            <tr style="page-break-inside: avoid;">
              <td valign="top" width="401" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 301.1pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt 0pt 0pt 10pt; TEXT-INDENT: -10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Merck
                  KGaA</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="52" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 39pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">35,971</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="52" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 39pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">16,229</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="52" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 39pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">4,314</font></div>
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              <td valign="bottom" width="2" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 1.7pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
            </tr>
            <tr bgcolor="#cceeff" style="page-break-inside: avoid;">
              <td valign="top" width="401" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 301.1pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt 0pt 0pt 10pt; TEXT-INDENT: -10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Other</font></div>
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="52" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 39pt; padding-top: 0pt; border-bottom: windowtext 1pt solid;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">269</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="52" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 39pt; padding-top: 0pt; border-bottom: windowtext 1pt solid;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">95</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="52" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 39pt; padding-top: 0pt; border-bottom: windowtext 1pt solid;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">257</font></div>
              </td>
              <td valign="bottom" width="2" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 1.7pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
            </tr>
            <tr style="page-break-inside: avoid;">
              <td valign="top" width="401" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 301.1pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt 0pt 0pt 20pt; TEXT-INDENT: -10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Total
                  royalty
                  revenue</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="7" style="border-right: medium none; padding-right: 0pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 5pt; padding-top: 0pt; border-bottom: windowtext 2.25pt double;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: left" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">$</font></div>
              </td>
              <td valign="bottom" width="45" style="border-right: medium none; padding-right: 0.7pt; border-top: windowtext 1pt solid; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 34pt; padding-top: 0pt; border-bottom: windowtext 2.25pt double;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">290,599</font></div>
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="7" style="border-right: medium none; padding-right: 0pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 5pt; padding-top: 0pt; border-bottom: windowtext 2.25pt double;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: left" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">$</font></div>
              </td>
              <td valign="bottom" width="45" style="border-right: medium none; padding-right: 0.7pt; border-top: windowtext 1pt solid; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 34pt; padding-top: 0pt; border-bottom: windowtext 2.25pt double;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">177,440</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="7" style="border-right: medium none; padding-right: 0pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 5pt; padding-top: 0pt; border-bottom: windowtext 2.25pt double;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: left" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">$</font></div>
              </td>
              <td valign="bottom" width="45" style="border-right: medium none; padding-right: 0.7pt; border-top: windowtext 1pt solid; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 34pt; padding-top: 0pt; border-bottom: windowtext 2.25pt double;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">106,274</font></div>
              </td>
              <td valign="bottom" width="2" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 1.7pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
            </tr>

        </table>
      </div>
      <div style="MARGIN: 6pt 0pt 12pt; LINE-HEIGHT: normal">&#160;</div>
      <div style="MARGIN: 6pt 0pt 12pt; TEXT-INDENT: 20pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">License
        fees and
        milestone revenue consists of the following: (in thousands)</font></div>
      <div align="center">
        <table bgcolor="white" border="0" cellpadding="0" cellspacing="0" style="BACKGROUND: white; BORDER-COLLAPSE: collapse">

            <tr style="page-break-inside: avoid;">
              <td valign="bottom" width="408" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 306.25pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
              </td>
              <td colspan="8" valign="bottom" width="181" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 136pt; padding-top: 0pt; border-bottom: windowtext 1pt solid;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center"><strong><font style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman" size="1">Year&#160;Ended&#160;December&#160;31,</font></strong></div>
              </td>
              <td valign="bottom" width="2" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 1.7pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
              </td>
            </tr>
            <tr style="page-break-inside: avoid;">
              <td valign="bottom" width="408" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 306.25pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="52" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 39pt; padding-top: 0pt; border-bottom: windowtext 1pt solid;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center"><strong><font style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman" size="1">2006</font></strong></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="45" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 34pt; padding-top: 0pt; border-bottom: windowtext 1pt solid;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center"><strong><font style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman" size="1">2005</font></strong></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="52" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 39pt; padding-top: 0pt; border-bottom: windowtext 1pt solid;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center"><strong><font style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman" size="1">2004</font></strong></div>
              </td>
              <td valign="bottom" width="2" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 1.7pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
              </td>
            </tr>
            <tr bgcolor="#cceeff" style="page-break-inside: avoid;">
              <td valign="top" width="408" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 306.25pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt 0pt 0pt 10pt; TEXT-INDENT: -10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">BMS:</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="52" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 39pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="45" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 34pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="52" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 39pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="2" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 1.7pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
            </tr>
            <tr style="page-break-inside: avoid;">
              <td valign="top" width="408" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 306.25pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt 0pt 0pt 20pt; TEXT-INDENT: -10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">ERBITUX
                  license fee revenue</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="7" style="padding-right: 0pt; padding-left: 0pt; padding-bottom: 0pt; width: 5pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: left" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">$</font></div>
              </td>
              <td valign="bottom" width="45" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 34pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">231,921</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="7" style="padding-right: 0pt; padding-left: 0pt; padding-bottom: 0pt; width: 5pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: left" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">$</font></div>
              </td>
              <td valign="bottom" width="39" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 29pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">94,232</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="7" style="padding-right: 0pt; padding-left: 0pt; padding-bottom: 0pt; width: 5pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: left" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">$</font></div>
              </td>
              <td valign="bottom" width="45" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 34pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">128,943</font></div>
              </td>
              <td valign="bottom" width="2" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 1.7pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
            </tr>
            <tr bgcolor="#cceeff" style="page-break-inside: avoid;">
              <td valign="top" width="408" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 306.25pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt 0pt 0pt 10pt; TEXT-INDENT: -10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Merck
                  KGaA:</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="52" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 39pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="45" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 34pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="52" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 39pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="2" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 1.7pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
            </tr>
            <tr style="page-break-inside: avoid;">
              <td valign="top" width="408" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 306.25pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt 0pt 0pt 20pt; TEXT-INDENT: -10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">ERBITUX
                  and
                  BEC2 license fee revenue</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="52" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 39pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">348</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="45" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 34pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">3,007</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="52" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 39pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">385</font></div>
              </td>
              <td valign="bottom" width="2" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 1.7pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
            </tr>
            <tr bgcolor="#cceeff" style="page-break-inside: avoid;">
              <td valign="top" width="408" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 306.25pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt 0pt 0pt 10pt; TEXT-INDENT: -10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Other
                  license
                  fee revenue</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="52" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 39pt; padding-top: 0pt; border-bottom: windowtext 1pt solid;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">&#8212;</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="45" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 34pt; padding-top: 0pt; border-bottom: windowtext 1pt solid;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">&#8212;</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="52" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 39pt; padding-top: 0pt; border-bottom: windowtext 1pt solid;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">58</font></div>
              </td>
              <td valign="bottom" width="2" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 1.7pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
            </tr>
            <tr style="page-break-inside: avoid;">
              <td valign="top" width="408" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 306.25pt; padding-top: 0pt;">
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                  license
                  fees and milestone revenue</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="7" style="border-right: medium none; padding-right: 0pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 5pt; padding-top: 0pt; border-bottom: windowtext 2.25pt double;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: left" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">$</font></div>
              </td>
              <td valign="bottom" width="45" style="border-right: medium none; padding-right: 0.7pt; border-top: windowtext 1pt solid; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 34pt; padding-top: 0pt; border-bottom: windowtext 2.25pt double;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">232,269</font></div>
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="7" style="border-right: medium none; padding-right: 0pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 5pt; padding-top: 0pt; border-bottom: windowtext 2.25pt double;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: left" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">$</font></div>
              </td>
              <td valign="bottom" width="39" style="border-right: medium none; padding-right: 0.7pt; border-top: windowtext 1pt solid; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 29pt; padding-top: 0pt; border-bottom: windowtext 2.25pt double;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">97,239</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="7" style="border-right: medium none; padding-right: 0pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 5pt; padding-top: 0pt; border-bottom: windowtext 2.25pt double;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: left" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">$</font></div>
              </td>
              <td valign="bottom" width="45" style="border-right: medium none; padding-right: 0.7pt; border-top: windowtext 1pt solid; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 34pt; padding-top: 0pt; border-bottom: windowtext 2.25pt double;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">129,386</font></div>
              </td>
              <td valign="bottom" width="2" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 1.7pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
            </tr>

        </table>
      </div>
      <div style="MARGIN: 0pt 0pt 12pt; LINE-HEIGHT: 1pt">&#160;</div>
      <div style="MARGIN: 0pt 0pt 12pt; LINE-HEIGHT: 1pt">&#160;</div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">
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          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">F-25</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
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        </div>
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<br clear="all">
      <div style="FONT-WEIGHT: bold; MARGIN: 0pt 0pt 24pt; LINE-HEIGHT: 16pt; TEXT-ALIGN: center"><strong><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">IMCLONE
        SYSTEMS
        INCORPORATED<br>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
        (Continued)</font></strong></div>
      <div style="MARGIN: 0pt 0pt 6pt; TEXT-INDENT: 20pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Manufacturing
        revenue from corporate partners consists of the following: (in
        thousands)</font></div>
      <div align="center">
        <table bgcolor="white" border="0" cellpadding="0" cellspacing="0" style="BACKGROUND: white; BORDER-COLLAPSE: collapse">

            <tr style="page-break-inside: avoid;">
              <td valign="bottom" width="421" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 316.1pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
              </td>
              <td colspan="8" valign="bottom" width="168" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 126pt; padding-top: 0pt; border-bottom: windowtext 1pt solid;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center"><strong><font style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman" size="1">Year&#160;Ended&#160;December&#160;31,</font></strong></div>
              </td>
              <td valign="bottom" width="2" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 1.7pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
              </td>
            </tr>
            <tr style="page-break-inside: avoid;">
              <td valign="bottom" width="421" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 316.1pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="45" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 34pt; padding-top: 0pt; border-bottom: windowtext 1pt solid;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center"><strong><font style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman" size="1">2006</font></strong></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="45" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 34pt; padding-top: 0pt; border-bottom: windowtext 1pt solid;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center"><strong><font style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman" size="1">2005</font></strong></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="45" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 34pt; padding-top: 0pt; border-bottom: windowtext 1pt solid;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center"><strong><font style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman" size="1">2004</font></strong></div>
              </td>
              <td valign="bottom" width="2" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 1.7pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
              </td>
            </tr>
            <tr bgcolor="#cceeff" style="page-break-inside: avoid;">
              <td valign="top" width="421" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 316.1pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt 0pt 0pt 10pt; TEXT-INDENT: -10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">BMS</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="7" style="padding-right: 0pt; padding-left: 0pt; padding-bottom: 0pt; width: 5pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: left" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">$</font></div>
              </td>
              <td valign="bottom" width="39" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 29pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">82,428</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="7" style="padding-right: 0pt; padding-left: 0pt; padding-bottom: 0pt; width: 5pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: left" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">$</font></div>
              </td>
              <td valign="bottom" width="39" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 29pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">44,090</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="7" style="padding-right: 0pt; padding-left: 0pt; padding-bottom: 0pt; width: 5pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: left" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">$</font></div>
              </td>
              <td valign="bottom" width="39" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 29pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">99,041</font></div>
              </td>
              <td valign="bottom" width="2" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 1.7pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
            </tr>
            <tr style="page-break-inside: avoid;">
              <td valign="top" width="421" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 316.1pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt 0pt 0pt 10pt; TEXT-INDENT: -10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Merck
                  KGaA</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="45" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 34pt; padding-top: 0pt; border-bottom: windowtext 1pt solid;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">4,048</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="45" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 34pt; padding-top: 0pt; border-bottom: windowtext 1pt solid;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">&#8212;</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="45" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 34pt; padding-top: 0pt; border-bottom: windowtext 1pt solid;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">&#8212;</font></div>
              </td>
              <td valign="bottom" width="2" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 1.7pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
            </tr>
            <tr bgcolor="#cceeff" style="page-break-inside: avoid;">
              <td valign="top" width="421" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 316.1pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt 0pt 0pt 20pt; TEXT-INDENT: -10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Total
                  collaborative agreement revenue</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt 0pt 0pt 20pt; TEXT-INDENT: -10pt">&#160;</div>
              </td>
              <td valign="bottom" width="7" style="border-right: medium none; padding-right: 0pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 5pt; padding-top: 0pt; border-bottom: windowtext 2.25pt double;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: left" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">$</font></div>
              </td>
              <td valign="bottom" width="39" style="border-right: medium none; padding-right: 0.7pt; border-top: windowtext 1pt solid; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 29pt; padding-top: 0pt; border-bottom: windowtext 2.25pt double;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">86,476</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="7" style="border-right: medium none; padding-right: 0pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 5pt; padding-top: 0pt; border-bottom: windowtext 2.25pt double;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: left" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">$</font></div>
              </td>
              <td valign="bottom" width="39" style="border-right: medium none; padding-right: 0.7pt; border-top: windowtext 1pt solid; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 29pt; padding-top: 0pt; border-bottom: windowtext 2.25pt double;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">44,090</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="7" style="border-right: medium none; padding-right: 0pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 5pt; padding-top: 0pt; border-bottom: windowtext 2.25pt double;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: left" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">$</font></div>
              </td>
              <td valign="bottom" width="39" style="border-right: medium none; padding-right: 0.7pt; border-top: windowtext 1pt solid; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 29pt; padding-top: 0pt; border-bottom: windowtext 2.25pt double;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">99,041</font></div>
              </td>
              <td valign="bottom" width="2" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 1.7pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
            </tr>

        </table>
      </div>
      <div style="MARGIN: 0pt 0pt 12pt; LINE-HEIGHT: 1pt">&#160;</div>
      <div style="MARGIN: 6pt 0pt 12pt; TEXT-INDENT: 20pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Collaborative
        agreement revenue from partners consists of the following: (in
        thousands)</font></div>
      <div align="center">
        <table bgcolor="white" border="0" cellpadding="0" cellspacing="0" style="BACKGROUND: white; BORDER-COLLAPSE: collapse">

            <tr style="page-break-inside: avoid;">
              <td valign="bottom" width="422" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 316.45pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
              </td>
              <td colspan="8" valign="bottom" width="168" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 126pt; padding-top: 0pt; border-bottom: windowtext 1pt solid;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center"><strong><font style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman" size="1">Year&#160;Ended&#160;December&#160;31,</font></strong></div>
              </td>
              <td valign="bottom" width="2" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 1.7pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
              </td>
            </tr>
            <tr style="page-break-inside: avoid;">
              <td valign="bottom" width="422" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 316.45pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="45" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 34pt; padding-top: 0pt; border-bottom: windowtext 1pt solid;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center"><strong><font style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman" size="1">2006</font></strong></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="45" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 34pt; padding-top: 0pt; border-bottom: windowtext 1pt solid;">
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
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              <td colspan="2" valign="bottom" width="45" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 34pt; padding-top: 0pt; border-bottom: windowtext 1pt solid;">
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                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
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              <td valign="top" width="422" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 316.45pt; padding-top: 0pt;">
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
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              <td colspan="2" valign="bottom" width="45" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 34pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="45" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 34pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="45" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 34pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="2" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 1.7pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
            </tr>
            <tr style="page-break-inside: avoid;">
              <td valign="top" width="422" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 316.45pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt 0pt 0pt 20pt; TEXT-INDENT: -10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Drug</font></div>
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="7" style="padding-right: 0pt; padding-left: 0pt; padding-bottom: 0pt; width: 5pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: left" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">$</font></div>
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              <td valign="bottom" width="39" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 29pt; padding-top: 0pt;">
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="7" style="padding-right: 0pt; padding-left: 0pt; padding-bottom: 0pt; width: 5pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: left" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">$</font></div>
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              <td valign="bottom" width="39" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 29pt; padding-top: 0pt;">
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="7" style="padding-right: 0pt; padding-left: 0pt; padding-bottom: 0pt; width: 5pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: left" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">$</font></div>
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              <td valign="bottom" width="39" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 29pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">13,062</font></div>
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              <td valign="bottom" width="2" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 1.7pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
            </tr>
            <tr bgcolor="#cceeff" style="page-break-inside: avoid;">
              <td valign="top" width="422" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 316.45pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt 0pt 0pt 20pt; TEXT-INDENT: -10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">ERBITUX
                  clinical and regulatory expenses</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="45" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 34pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">12,424</font></div>
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="45" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 34pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">13,748</font></div>
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="45" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 34pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">12,105</font></div>
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              <td valign="bottom" width="2" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 1.7pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
            </tr>
            <tr style="page-break-inside: avoid;">
              <td valign="top" width="422" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 316.45pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt 0pt 0pt 20pt; TEXT-INDENT: -10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">ERBITUX
                  marketing, general and administrative expenses</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="45" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 34pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">1,093</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="45" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 34pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">1,594</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="45" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 34pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">2,017</font></div>
              </td>
              <td valign="bottom" width="2" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 1.7pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
            </tr>
            <tr bgcolor="#cceeff" style="page-break-inside: avoid;">
              <td valign="top" width="422" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 316.45pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt 0pt 0pt 20pt; TEXT-INDENT: -10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">ERBITUX
                  royalty expenses</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="45" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 34pt; padding-top: 0pt; border-bottom: windowtext 1pt solid;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">29,349</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="45" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 34pt; padding-top: 0pt; border-bottom: windowtext 1pt solid;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">18,591</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="45" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 34pt; padding-top: 0pt; border-bottom: windowtext 1pt solid;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">11,735</font></div>
              </td>
              <td valign="bottom" width="2" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 1.7pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
            </tr>
            <tr style="page-break-inside: avoid;">
              <td valign="top" width="422" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 316.45pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt 0pt 0pt 30pt; TEXT-INDENT: -10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Total
                  BMS</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="45" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 34pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">50,892</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="45" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 34pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">42,859</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="45" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 34pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">38,919</font></div>
              </td>
              <td valign="bottom" width="2" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 1.7pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
            </tr>
            <tr bgcolor="#cceeff" style="page-break-inside: avoid;">
              <td valign="top" width="422" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 316.45pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt 0pt 0pt 10pt; TEXT-INDENT: -10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Merck
                  KGaA:</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="45" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 34pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="45" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 34pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="45" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 34pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="2" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 1.7pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
            </tr>
            <tr style="page-break-inside: avoid;">
              <td valign="top" width="422" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 316.45pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt 0pt 0pt 20pt; TEXT-INDENT: -10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Drug</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="45" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 34pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">11,468</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="45" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 34pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">18,455</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="45" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 34pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">11,446</font></div>
              </td>
              <td valign="bottom" width="2" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 1.7pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
            </tr>
            <tr bgcolor="#cceeff" style="page-break-inside: avoid;">
              <td valign="top" width="422" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 316.45pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt 0pt 0pt 20pt; TEXT-INDENT: -10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">ERBITUX
                  clinical and regulatory expenses</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="45" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 34pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">&#8212;</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="45" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 34pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">928</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="45" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 34pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">1,753</font></div>
              </td>
              <td valign="bottom" width="2" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 1.7pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
            </tr>
            <tr style="page-break-inside: avoid;">
              <td valign="top" width="422" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 316.45pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt 0pt 0pt 20pt; TEXT-INDENT: -10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">ERBITUX
                  marketing, general and administrative expenses</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="45" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 34pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">110</font></div>
              </td>
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                <div style="MARGIN: 0pt">&#160;</div>
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              <td colspan="2" valign="bottom" width="45" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 34pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">358</font></div>
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="45" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 34pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">774</font></div>
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              <td valign="bottom" width="2" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 1.7pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
            </tr>
            <tr bgcolor="#cceeff" style="page-break-inside: avoid;">
              <td valign="top" width="422" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 316.45pt; padding-top: 0pt;">
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="45" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 34pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">6,018</font></div>
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="45" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 34pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">2,292</font></div>
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="45" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 34pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">1,003</font></div>
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              <td valign="bottom" width="2" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 1.7pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
            </tr>
            <tr style="page-break-inside: avoid;">
              <td valign="top" width="422" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 316.45pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt 0pt 0pt 20pt; TEXT-INDENT: -10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">BEC2
                  expenses</font></div>
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="45" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 34pt; padding-top: 0pt; border-bottom: windowtext 1pt solid;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">&#8212;</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="45" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 34pt; padding-top: 0pt; border-bottom: windowtext 1pt solid;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">&#8212;</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="45" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 34pt; padding-top: 0pt; border-bottom: windowtext 1pt solid;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">42</font></div>
              </td>
              <td valign="bottom" width="2" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 1.7pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
            </tr>
            <tr bgcolor="#cceeff" style="page-break-inside: avoid;">
              <td valign="top" width="422" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 316.45pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt 0pt 0pt 30pt; TEXT-INDENT: -10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Total
                  Merck
                  KGaA</font></div>
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="45" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 34pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">17,596</font></div>
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="45" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 34pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">22,033</font></div>
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="45" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 34pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">15,018</font></div>
              </td>
              <td valign="bottom" width="2" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 1.7pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
            </tr>
            <tr style="page-break-inside: avoid;">
              <td valign="top" width="422" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 316.45pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt 0pt 0pt 10pt; TEXT-INDENT: -10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Other</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="45" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 34pt; padding-top: 0pt; border-bottom: windowtext 1pt solid;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">15</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="45" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 34pt; padding-top: 0pt; border-bottom: windowtext 1pt solid;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">12</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="45" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 34pt; padding-top: 0pt; border-bottom: windowtext 1pt solid;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">52</font></div>
              </td>
              <td valign="bottom" width="2" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 1.7pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
            </tr>
            <tr bgcolor="#cceeff" style="page-break-inside: avoid;">
              <td valign="top" width="422" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 316.45pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt 0pt 0pt 20pt; TEXT-INDENT: -10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Total
                  collaborative agreement revenue</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="7" style="border-right: medium none; padding-right: 0pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 5pt; padding-top: 0pt; border-bottom: windowtext 2.25pt double;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: left" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">$</font></div>
              </td>
              <td valign="bottom" width="39" style="border-right: medium none; padding-right: 0.7pt; border-top: windowtext 1pt solid; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 29pt; padding-top: 0pt; border-bottom: windowtext 2.25pt double;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">68,503</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="7" style="border-right: medium none; padding-right: 0pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 5pt; padding-top: 0pt; border-bottom: windowtext 2.25pt double;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: left" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">$</font></div>
              </td>
              <td valign="bottom" width="39" style="border-right: medium none; padding-right: 0.7pt; border-top: windowtext 1pt solid; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 29pt; padding-top: 0pt; border-bottom: windowtext 2.25pt double;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">64,904</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="7" style="border-right: medium none; padding-right: 0pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 5pt; padding-top: 0pt; border-bottom: windowtext 2.25pt double;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: left" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">$</font></div>
              </td>
              <td valign="bottom" width="39" style="border-right: medium none; padding-right: 0.7pt; border-top: windowtext 1pt solid; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 29pt; padding-top: 0pt; border-bottom: windowtext 2.25pt double;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">53,989</font></div>
              </td>
              <td valign="bottom" width="2" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 1.7pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
            </tr>

        </table>
      </div>
      <div style="MARGIN: 0pt 0pt 12pt; LINE-HEIGHT: 1pt">&#160;</div>
      <div style="MARGIN: 0pt 0pt 12pt; TEXT-INDENT: 20pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Amounts
        due from
        corporate partners in the table below are net of allowance for doubtful accounts
        in 2006, 2005 and 2004 of $0, $0, and $430, respectively. Amounts due from
        corporate partners were written-off against the allowance of $430 in 2005.
        There
        were no write-offs in 2006 or 2004 and no additions to the allowance in 2006
        or
        2005. All amounts including the table below are in thousands:</font></div>
      <div align="center">
        <table border="0" cellpadding="0" cellspacing="0" style="BORDER-COLLAPSE: collapse">

            <tr style="page-break-inside: avoid;">
              <td valign="bottom" width="338" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 253.75pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
              </td>
              <td colspan="4" valign="bottom" width="64" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 48pt; padding-top: 0pt; border-bottom: windowtext 1pt solid;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center"><strong><font style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman" size="1">December&#160;31,<br>2006</font></strong></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
              </td>
              <td colspan="4" valign="bottom" width="64" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 48pt; padding-top: 0pt; border-bottom: windowtext 1pt solid;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center"><strong><font style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman" size="1">December&#160;31,<br>2005</font></strong></div>
              </td>
              <td valign="bottom" width="2" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 1.7pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
              </td>
            </tr>
            <tr bgcolor="#cceeff" style="page-break-inside: avoid;">
              <td valign="top" width="338" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 253.75pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt 0pt 0pt 10pt; TEXT-INDENT: -10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">BMS:</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="9" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 7pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="45" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 34pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="9" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 7pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="9" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 7pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="45" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 34pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="9" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 7pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="2" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 1.7pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
            </tr>
            <tr style="page-break-inside: avoid;">
              <td valign="top" width="338" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 253.75pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt 0pt 0pt 20pt; TEXT-INDENT: -10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">ERBITUX</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="9" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 7pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="7" style="padding-right: 0pt; padding-left: 0pt; padding-bottom: 0pt; width: 5pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: left" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">$</font></div>
              </td>
              <td valign="bottom" width="39" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 29pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">64,991</font></div>
              </td>
              <td valign="bottom" width="9" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 7pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="9" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 7pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="7" style="padding-right: 0pt; padding-left: 0pt; padding-bottom: 0pt; width: 5pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: left" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">$</font></div>
              </td>
              <td valign="bottom" width="39" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 29pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">51,503</font></div>
              </td>
              <td valign="bottom" width="9" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 7pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="2" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 1.7pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
            </tr>
            <tr bgcolor="#cceeff" style="page-break-inside: avoid;">
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              <td valign="bottom" width="2" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 1.7pt; padding-top: 0pt;">
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      <div style="FONT-WEIGHT: bold; MARGIN: 0in 0in 24pt; LINE-HEIGHT: 16pt; TEXT-ALIGN: center"><strong><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">IMCLONE
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                <div style="FONT-WEIGHT: bold; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
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                <div style="FONT-WEIGHT: bold; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
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                <div style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right">&#160;</div>
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              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 4.65pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt">&#160;</div>
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt">&#160;</div>
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              <td valign="bottom" width="5" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 4pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right">&#160;</div>
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                <div style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right">&#160;</div>
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              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 4.65pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt">&#160;</div>
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              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 4.65pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt">&#160;</div>
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              <td valign="top" width="325" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 243.4pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt 20pt; TEXT-INDENT: -10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">ERBITUX
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              <td valign="bottom" width="5" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 4pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right">&#160;</div>
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              <td valign="bottom" width="7" style="padding-right: 0in; padding-left: 0in; padding-bottom: 0in; width: 5pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: left" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">$</font></div>
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              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
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              <td valign="bottom" width="5" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 4pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right">&#160;</div>
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              <td valign="bottom" width="7" style="padding-right: 0in; padding-left: 0in; padding-bottom: 0in; width: 5pt; padding-top: 0in;">
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              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 4.65pt; padding-top: 0in;">
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                <div style="MARGIN: 0in 0in 0pt">&#160;</div>
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              <td valign="bottom" width="5" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 4pt; padding-top: 0in;">
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              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 4.65pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt">&#160;</div>
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="5" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 4pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right">&#160;</div>
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              <td colspan="2" valign="bottom" width="57" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 42.85pt; padding-top: 0in;">
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              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 4.65pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt">&#160;</div>
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              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 4.65pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt">&#160;</div>
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt">&#160;</div>
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              <td valign="bottom" width="5" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 4pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right">&#160;</div>
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              <td colspan="2" valign="bottom" width="57" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 42.85pt; padding-top: 0in;">
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                <div style="MARGIN: 0in 0in 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="5" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 4pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
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                <div style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">2,889</font></div>
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                <div style="MARGIN: 0in 0in 0pt">&#160;</div>
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                <div style="MARGIN: 0in 0in 0pt 20pt; TEXT-INDENT: -10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Total
                  deferred revenue</font></div>
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
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                <div style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">379,877</font></div>
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              </td>
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                <div style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">359,025</font></div>
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              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 4.65pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 4.65pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt">&#160;</div>
              </td>
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              <td valign="top" width="325" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 243.4pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt 10pt; TEXT-INDENT: -10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Less:
                  current
                  portion</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="5" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 4pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
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                <div style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">(142,013</font></div>
              </td>
              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0.375pt; width: 4.65pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">)</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="5" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 4pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="57" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0in; padding-bottom: 0in; border-left: medium none; width: 42.85pt; padding-top: 0in; border-bottom: windowtext 1pt solid;">
                <div style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">(112,624</font></div>
              </td>
              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0.375pt; width: 4.65pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">)</font></div>
              </td>
              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 4.65pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt">&#160;</div>
              </td>
            </tr>
            <tr bgcolor="#cceeff" style="page-break-inside: avoid;">
              <td valign="top" width="325" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 243.4pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt 20pt; TEXT-INDENT: -10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Total
                  long-term deferred revenue</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="5" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 4pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="7" style="border-right: medium none; padding-right: 0in; border-top: medium none; padding-left: 0in; padding-bottom: 0in; border-left: medium none; width: 5pt; padding-top: 0in; border-bottom: windowtext 2.25pt double;">
                <div style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: left" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">$</font></div>
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              <td valign="bottom" width="50" style="border-right: medium none; padding-right: 0.7pt; border-top: windowtext 1pt solid; padding-left: 0in; padding-bottom: 0in; border-left: medium none; width: 37.85pt; padding-top: 0in; border-bottom: windowtext 2.25pt double;">
                <div style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">237,864</font></div>
              </td>
              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 4.65pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="5" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 4pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="7" style="border-right: medium none; padding-right: 0in; border-top: medium none; padding-left: 0in; padding-bottom: 0in; border-left: medium none; width: 5pt; padding-top: 0in; border-bottom: windowtext 2.25pt double;">
                <div style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: left" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">$</font></div>
              </td>
              <td valign="bottom" width="50" style="border-right: medium none; padding-right: 0.7pt; border-top: windowtext 1pt solid; padding-left: 0in; padding-bottom: 0in; border-left: medium none; width: 37.85pt; padding-top: 0in; border-bottom: windowtext 2.25pt double;">
                <div style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">246,401</font></div>
              </td>
              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 4.65pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 4.65pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt">&#160;</div>
              </td>
            </tr>

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      <div style="FONT-WEIGHT: bold; MARGIN: 0in 0in 6pt 10pt; TEXT-INDENT: -10pt"><strong><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">(11)
        Stockholder&#8217;
Equity</font></strong></div>
      <div style="FONT-WEIGHT: bold; FONT-SIZE: 10pt; MARGIN: 0in 0in 6pt 10pt; TEXT-INDENT: -10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman"><strong><i><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">(a)</font></i></strong><font style="FONT-FAMILY: Times New Roman">&#160;&#160;
</font>Common
        Stock<a name="aCommonStock_215009"/></div>
      <div style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 20pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">The
        Company is
        authorized to issue 200,000,000 shares of common stock.</font></div>
      <div style="FONT-WEIGHT: bold; FONT-SIZE: 10pt; MARGIN: 0in 0in 6pt 10pt; TEXT-INDENT: -10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman"><strong><i><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">(b)</font></i></strong><font style="FONT-FAMILY: Times New Roman">&#160;&#160;
</font>Stockholder
        Rights
        Plan<a name="bStockholderRightsPlan_215014"/></div>
      <div style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 20pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">On
        February&#160;15, 2002, the Company&#8217;s Board of Directors approved a Stockholder
        Rights Plan and declared a dividend of one right for each share of the Company&#8217;s
        common stock outstanding at the close of business on February&#160;19, 2002. In
        connection with the Board of Directors&#8217; approval of the Stockholders Rights Plan
        Series&#160;B Participating Cumulative Preferred Stock was created. Under
        certain conditions, each right entitles the holder to purchase from the Company
        one-hundredth of a share of Series&#160;B Participating Cumulative Preferred
        Stock at an initial purchase price of $175 per share. The Stockholder Rights
        Plan is designed to enhance the Board&#8217;s ability to protect stockholders against,
        among other things, unsolicited attempts to acquire control of the Company
        which
        do not offer an adequate price to all of the Company&#8217;s stockholders or are
        otherwise not in the best interests of the Company and the Company&#8217;s
        stockholders.</font></div>
      <div style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 20pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Subject
        to certain
        exceptions, rights become exercisable (i)&#160;on the tenth day after public
        announcement that any person, entity, or group of persons or entities has
        acquired ownership of 19.9% or more of the Company&#8217;s outstanding common stock,
        or (ii)&#160;10 business days following the commencement of a tender offer or
        exchange offer, other than certain qualifying tender offers, by any person
        which
        would, if consummated, result in such person acquiring ownership of 19.9%
        or
        more of the Company&#8217;s outstanding common stock, (collectively an &#8220;Acquiring
        Person&#8221;).</font></div>
      <div style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 20pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">In
        such event, each
        right holder (other than the Acquiring Person and its affiliates) will have
        the
        right to receive the number of shares of common stock having a then-current
        market value equal to two times the aggregate exercise price of such rights.
        If
        the Company were to enter into certain business combination or disposition
        transactions with an Acquiring Person, each right holder will have the right
        to
        receive shares of common stock of the acquiring company having a value equal
        to
        two times the aggregate exercise price of the rights.</font></div>
      <div style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 20pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">The
        Company may
        redeem these rights in whole at a price of $.001 per right. The rights expire
        on
        February&#160;15, 2012.</font></div>
      <div style="MARGIN: 0in 0pt 6pt; TEXT-INDENT: 0pt">&#160;</div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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          <div style="WIDTH: 100%; TEXT-ALIGN: center">
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<br clear="all">
      <div style="FONT-WEIGHT: bold; MARGIN: 0in 0in 24pt; LINE-HEIGHT: 16pt; TEXT-ALIGN: center"><strong><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">IMCLONE
        SYSTEMS
        INCORPORATED<br>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
        (Continued)</font></strong></div>
      <div style="FONT-WEIGHT: bold; FONT-SIZE: 10pt; MARGIN: 0in 0in 6pt 10pt; TEXT-INDENT: -10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman"><strong><i><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">(c)</font></i></strong><font style="FONT-FAMILY: Times New Roman">&#160;&#160;
</font>Stock
        Repurchase
        Program<a name="cStockRepurchaseProgram_215021"/></div>
      <div style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 20pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">On
        September&#160;19, 2005, the Company announced the approval by the Board of
        Directors of a stock repurchase program permitting the repurchase of up to
        $100.0 million in aggregate principal amount of outstanding shares of the
        Company&#8217;s common stock during a two year period. The stock repurchase program is
        to be employed for general corporate purposes, including to offset dilution
        resulting from future grants of stock options or other dilutive incentive
        compensation granted to the Company&#8217;s employees and directors. Stock repurchases
        under this program may be made through open market or privately negotiated
        transactions at such times and in such amounts as the Company deems appropriate,
        based on a variety of factors such as price, corporate and regulatory
        requirements and overall market conditions. The stock repurchase program
        may be
        limited or terminated at any time without prior notice. As of December&#160;31,
        2006 the Company has repurchased 811,416 shares at an average price of $30.62
        per share for aggregate consideration of approximately $24.8 million under
        the
        program.</font></div>
      <div style="FONT-WEIGHT: bold; FONT-SIZE: 10pt; MARGIN: 0in 0in 6pt 10pt; TEXT-INDENT: -10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman"><strong><i><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">(d)</font></i></strong><font style="FONT-FAMILY: Times New Roman">&#160;&#160;
</font>Share-Based
        Compensation Plans<a name="dSharebasedCompensationPlans_215024"/></div>
      <div style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 20pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">The
        Company has
        three types of share-based compensation plans: stock option plans, an employee
        stock purchase plan and effective as of January&#160;1, 2006, a retention
        plan.</font></div>
      <div style="FONT-WEIGHT: bold; MARGIN: 0in 0in 6pt 10pt; TEXT-INDENT: -10pt; FONT-STYLE: italic"><strong><i><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Stock
        Option
        Plans</font></i></strong></div>
      <div style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 20pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">In
        February&#160;1996, the Company&#8217;s Board of Directors adopted and the
        shareholders thereafter approved an Incentive Stock Option Plan and
        Non-Qualified Stock Option Plan (the &#8220;96 Plans&#8221;). In May&#160;1998, the
        Company&#8217;s Board of Directors adopted an additional Non-Qualified Stock Option
        Plan (the &#8220;98 Plan&#8221;), which shareholders were not required to approve. On
        June&#160;11, 2002, the shareholders approved and the Company adopted the 2002
        Stock Option Plan (the &#8220;02 Plan&#8221;). Effective with the adoption of the 02 Plan,
        the Company will not award new grants from the 96 Plans or the 98 Plan. The
        02
        Plan provides for the granting of both incentive stock options and non-qualified
        stock options to purchase, subject to adjustment under the plan, 3,300,000
        shares of the Company&#8217;s common stock to employees, directors, consultants and
        advisors of the Company. Any common stock subject to an option which is
        cancelled, forfeited or expires prior to exercise whether such option was
        granted under this plan or the 96 Plans or the 98 Plan, shall again become
        available for grant under the 02 Plan. Options granted under the 02 Plan
        become
        fully vested and exercisable upon the occurrence of a change in control,
        as
        defined. Incentive stock options granted under the 02 Plan may not exceed
        825,000 shares of common stock, may not be granted at a price less than the
        fair
        market value of the stock at the date of grant and may not be granted to
        non-employees. In September&#160;2003, the shareholders approved an amendment to
        the 02&#160;Plan that increased the maximum total number of shares of common
        stock currently available for grant of options under the plan from 3,300,000
        shares to 6,600,000 shares, and increased the number of shares of common
        stock
        with respect to which incentive stock options may be granted under the plan
        from
        825,000 shares to 1,650,000 shares.</font></div>
      <div style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 20pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">In
        November&#160;2001, the Board of Directors approved the amendment of the 96
        Plans and the 98 Plan whereby upon the occurrence of a change in control,
        as
        defined in the amended plan documents, each outstanding option under the
        96
        Plans and the 98 Plan shall become fully vested and exercisable.</font></div>
      <div style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 20pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">On
        October&#160;17,
        2005, the Compensation Committee of the Board of Directors approved the adoption
        of a stock option plan for the sole purpose of making one-time grants of
        stock
        options to newly hired key employees who have not previously been employees
        or
        directors of the Company as an inducement to such persons entering into
        employment with the Company (the &#8220;Inducement Plan&#8221;), in accordance with
</font></div>
      <div style="MARGIN: 0in 0pt 6pt; TEXT-INDENT: 0pt">&#160;</div>
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          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">F-28</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
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          </div>
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          </div>
        </div>
      </div><!--
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      1 06:59 2007' -->
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      <div style="FONT-WEIGHT: bold; MARGIN: 0in 0in 24pt; LINE-HEIGHT: 16pt; TEXT-ALIGN: center"><strong><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">IMCLONE
        SYSTEMS
        INCORPORATED<br>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
        (Continued)</font></strong></div>
      <div style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">NASDAQ
        Marketplace
        Rule&#160;4350(i)(1)(A)(iv). The Inducement Plan permitted the Company to issue
        up to a total of 600,000 &#8220;inducement&#8221; options to eligible participants to
        purchase shares of common stock of the Company on terms and conditions set
        forth
        therein and in individual award agreements under the Inducement Plan, in
        each
        case on terms commensurate with options granted under the Company&#8217;s 2002 Stock
        Option Plan. The Inducement Plan was cancelled on September&#160;20,
        2006.</font></div>
      <div style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 20pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">On
        September&#160;20, 2006, the shareholders approved and the Company adopted the
        2006 Stock Incentive Plan (the &#8220;06 Plan&#8221;). Under the 06 Plan, the Company has
        the ability to grant (i)&#160;stock options; (ii)&#160;stock appreciation
        rights; (iii)&#160;restricted stock awards; (iv)&#160;restricted stock unit
        awards; (v)&#160;performance awards; and (vi)&#160;other stock-based awards.
        Effective with the adoption of the 06 Plan, the Company will not award new
        grants from the 02 Plan. Any common stock option which is cancelled, forfeited
        or expires prior to exercise whether such option was granted under this plan,
        the 96 Plans, the 98 Plan or the 02 Plan, shall again become available for
        grant
        under the 06 Plan. Options granted under the 06 Plan generally vest over
        one-to-four-year periods and unless earlier terminated, and expire ten years
        from the date of grant. The aggregate number of shares of common stock that
        may
        be granted or used for reference purposes under the 06 Plan shall not exceed
        5,500,000 shares plus common stock available for grant under prior plans.
        Any
        shares of common stock that are subject to awards of stock options or stock
        appreciation rights will be counted against this limit as one share for every
        share granted. Any shares of common stock that are subject to awards other
        than
        stock options or stock appreciation rights will be counted against this limit
        as
        two shares for every share granted.</font></div>
      <div style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 20pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">As
        of
        December&#160;31, 2006, the number of remaining shares authorized and currently
        available for grant under plans discussed above is approximately 7,136,000.
        Incentive stock options may not be granted at a price less than the fair
        market
        value of the stock at the date of grant and may not be granted to non-employees.
        Options under all the plans, unless earlier terminated, expire ten years
        from
        the date of grant. Options granted under these plans generally vest over
        one-to-four-year periods.</font></div>
      <div style="FONT-WEIGHT: bold; MARGIN: 0in 0in 6pt; TEXT-INDENT: 20pt"><strong><font style="FONT-WEIGHT: normal; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">In
        September&#160;2001, and in connection with the Board of Directors&#8217;
approval of certain employment the Company granted options to purchase, in
        the
        aggregate, 2,450,000 shares of its common stock to its former President and
        Chief Executive Officer, Dr.&#160;Samuel D. Waksal, its then-current Chief
        Operating Officer, and now-former Chief Scientific Officer, Dr.&#160;Harlan W.
        Waksal and its then-current Senior Vice President, Finance, and Chief Financial
        Officer and former Chief Executive Officer, Daniel S. Lynch. The options
        have a
        per-share exercise price equal to $50.01, the last reported sale price of
        the
        common stock preceding the date Board of Director approval was obtained.
        The
        terms of the options granted to Dr.&#160;Samuel D. Waksal and Dr.&#160;Harlan W.
        Waksal provided that they vest in their entirety three years from the date
        of
        grant, but may vest earlier as to 33.33% of the shares if certain targets
        in the
        Company&#8217;s common stock price were achieved. The options granted to Daniel S.
        Lynch vested equally over three years. In connection with the resignation
        of
        Dr.&#160;Samuel D. Waksal, and the associated May&#160;24, 2002 Separation
        Agreement between the Company and Dr.&#160;Samuel D. Waksal, the Company amended
        Dr.&#160;Samuel D. Waksal&#8217;s September&#160;2001 stock option award such that the
        then unvested portion totaling 833,332 shares would vest immediately as of
        the
        date of termination. In December&#160;2005, the Company and Dr.&#160;Samuel D.
        Waksal entered into a settlement agreement providing for the return to the
        Company of 416,667 of stock options that were previously issued to
        Dr.&#160;Samuel D. Waksal. Such options were returned to the Company and were
        cancelled as of December&#160;31, 2005.</font></strong></div>
      <div style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 20pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">The
        Company&#8217;s
        employee stock option plans generally permit option holders to pay for the
        exercise price of stock options and any related income tax withholding with
        shares of the Company&#8217;s common stock </font></div>
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          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
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      <div style="FONT-WEIGHT: bold; MARGIN: 0in 0in 24pt; LINE-HEIGHT: 16pt; TEXT-ALIGN: center"><strong><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">IMCLONE
        SYSTEMS
        INCORPORATED<br>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
        (Continued)</font></strong></div>
      <div style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0in"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">that
        have been held
        by the option holders for at least six months. During the year ended
        December&#160;31, 2004, 4,008 shares of common stock were delivered to the
        Company in payment of the aggregate exercise price and related to income
        tax
        withheld associated with the exercise of stock options to purchase an aggregate
        of 19,044 shares of common stock. The 4,008 shares delivered to the Company
        had
        a value of $200,000 determined by multiplying the closing price of the common
        stock on the date of deliver for the number of shares presented for payment.
        These shares are included as treasury stock in the Consolidated Statements
        of
        Stockholders&#8217; Equity (Deficit) and Comprehensive Income at December&#160;31,
        2004.</font></div>
      <div style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 20pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">The
        Company granted
        options to purchase 45,000 shares of its common stock to certain Scientific
        Advisory Board members in consideration for future services during the year
        ended December&#160;31, 2003. The fair value of these options was subject to
        remeasurement through the vesting date using the Black-Scholes option-pricing
        model. The Company recognized compensation expense associated with the options
        granted to Scientific Advisory Board members of approximately $0, $0 and
        $2.4
        million in the years ended December&#160;31, 2006, 2005 and 2004, respectively.
        All of these options were either exercised or cancelled as of February&#160;16,
        2006.</font></div>
      <div style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 20pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">During
        the years
        ended December&#160;31, 2006, 2005 and 2004, the Company granted options to
        non-employee members of its Board of Directors to purchase 310,000, 255,000
        and
        352,000 shares, respectively, of its common stock. The annual grant of stock
        options to non-employee members of the Board of Directors vest quarterly,
        however if a Board member ceases to be a Director, the stock options vest
        pro
        rata up to the last day the Board member serves as a Director of the Company.
        During 2004, the Company recognized compensation expense of approximately
        $2.0
        million associated with the modification of stock options for a number of
        terminated employees.</font></div>
      <div style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 20pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">On
        December&#160;16, 2005, the Company&#8217;s Board of Directors approved the
        acceleration of vesting of unvested stock options with exercise prices equal
        to
        or greater than $33.44 per share outstanding as of December&#160;16, 2005 that
        had been previously awarded to Company employees and other eligible
        participants, including officers and non-employee directors. Options to purchase
        2,805,169 shares of the Company&#8217;s common stock were subject to this
        acceleration. Of this amount, 163,750 options were held by non-employee
        directors, with a weighted average exercise price of $45.00 per share, and
        628,347 options were held by officers of the Company with a weighted average
        exercise price of $44.32 per share. The Board required each non-employee
        director and, as a condition to continued employment, each officer of the
        Company, to agree to refrain from selling, transferring, pledging or otherwise
        disposing of shares of Company common stock acquired upon any exercise of
        subject stock options (other than sales by such persons to fund the exercise
        price or to satisfy minimum statutory withholding on such exercise, each
        in
        accordance with the applicable Plan and the Company&#8217;s existing policies and
        procedures) until the date on which the exercise would have been permitted
        under
        the stock option&#8217;s pre-acceleration vesting terms or pursuant to the Company&#8217;s
        Change-in-Control Plan or, if earlier, the officer&#8217;s last day of employment
        with, or director&#8217;s last day of service as a director of, the Company. The
        decision to accelerate vesting of these stock options, which were
&#8220;out-of-the-money&#8221; was made primarily to minimize future compensation expense
        that the Company would otherwise have been required to recognize in its
        Consolidated Statements of Operations pursuant to FAS123R, which the Company
        adopted on January&#160;1, 2006. The Company estimates that the aggregate future
        expense that will be eliminated as a result of this acceleration of vesting
        is
        approximately $22.5 million in 2006 and $9.5 million in 2007.</font></div>
      <div style="MARGIN: 0in 0pt 6pt; TEXT-INDENT: 0pt">&#160;</div>
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          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">F-30</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
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          </div>
        </div>
      </div><!--
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      <div style="FONT-WEIGHT: bold; MARGIN: 0in 0in 24pt; LINE-HEIGHT: 16pt; TEXT-ALIGN: center"><strong><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">IMCLONE
        SYSTEMS
        INCORPORATED<br>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
        (Continued)</font></strong></div>
      <div style="FONT-WEIGHT: bold; MARGIN: 0in 0in 6pt 10pt; TEXT-INDENT: -10pt; FONT-STYLE: italic"><strong><i><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Employee
        Stock
        Purchase Plan</font></i></strong></div>
      <div style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 20pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">In
        April&#160;1998,
        the Company&#8217;s Board of Directors adopted the ImClone Systems Incorporated 1998
        Employee Stock Purchase Plan (the &#8220;ESPP&#8221;), subject to shareholders&#8217; approval,
        which was received in May&#160;1998. The ESPP, as amended, allows eligible
        employees to purchase shares of the Company&#8217;s common stock through payroll
        deductions at the end of quarterly purchase periods. To be eligible, an
        individual must be an employee, work more than 20&#160;hours per week for at
        least five months per calendar year and not own greater than 5% of the Company&#8217;s
        common stock. Pursuant to the ESPP, the Company has reserved 1,000,000 shares
        of
        common stock for issuance. Prior to the first day of each quarterly purchase
        period, each eligible employee may elect to participate in the ESPP. The
        participant is granted an option to purchase a number of shares of common
        stock
        determined by dividing each participant&#8217;s contribution accumulated prior to the
        last day of the quarterly period by the purchase price. The participant has
        the
        ability to withdraw from the ESPP until the second-to-last day of the quarterly
        purchase period. The purchase price is equal to 85% of the market price per
        share on the last day of each quarterly purchase period. An employee may
        purchase stock from the accumulation of payroll deductions up to the lesser
        of
        15% of such employee&#8217;s compensation or $25,000 in aggregate purchase price, per
        year.</font></div>
      <div style="FONT-WEIGHT: bold; MARGIN: 0in 0in 6pt 10pt; TEXT-INDENT: -10pt; FONT-STYLE: italic"><strong><i><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Retention
        Plan</font></i></strong></div>
      <div style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 20pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">In
        January&#160;2006, the Compensation Committee of the Board of Directors approved
        a Retention Plan, effective as of January&#160;1, 2006, for performance periods
        ending December&#160;31, 2007 andDecember&#160;31, 2008 (each, a &#8220;Performance
        Period&#8221;). The Plan is intended to reward employees for achieving specified
        performance goals over specified performance periods. Specifically, the
        Compensation Committee approved the share performance criteria that will
        be used
        to determine cash bonus awards under the Retention Plan, and the terms of
        the
        individual awards to eligible employees under the Retention Plan for each
        of the
        two Performance Periods. Cash awards under the Retention Plan will depend
        on the
        performance of the Company&#8217;s common stock against specified targets, generally
        measured by comparing the Company&#8217;s share price at the beginning of the
        Performance Period to the Company&#8217;s share price at the conclusion of the
        Performance Period, in each case based on a 30-day average. In particular,
        at
        the end of an applicable Performance Period, the percentage of the cash award
        earned (if any) and, correspondingly, the amount of the actual award payouts
        to
        an employee for such Performance Period will be (i)&#160;equal to the employee&#8217;s
        target award opportunity, (ii)&#160;greater than the target award opportunity
        (but in no event more than 150% of the target award opportunity), or
        (iii)&#160;zero, in each case directly corresponding to actual Company common
        stock performance at the conclusion of the Performance Period compared to
        the
        beginning of the Performance Period. No awards will be payable in respect
        of a
        Performance Period if the Company&#8217;s share price at the conclusion of the
        Performance Period is less than the share price at the beginning of the
        Performance Period. The Company&#8217;s share price at the beginning of the
        Performance Periods was calculated to be $32.99. Special measurement dates
        and
        payment conditions apply in the event of a change in control of the Company
        occurring during a Performance Period. The Company has determined that awards
        granted under this plan should be classified as liability awards.</font></div>
      <div style="MARGIN: 0in 0pt 6pt; TEXT-INDENT: 0pt">&#160;</div>
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          </div>
        </div>
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          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">F-31</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
        </div>
      </div><!--
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      <div style="FONT-WEIGHT: bold; MARGIN: 0in 0in 24pt; LINE-HEIGHT: 16pt; TEXT-ALIGN: center"><strong><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">IMCLONE
        SYSTEMS
        INCORPORATED<br>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
        (Continued)</font></strong></div>
      <div style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 20pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">The
        following table
        summarizes the effect of compensation cost arising from share-based payment
        arrangements on the Company&#8217;s statements of income for the year ended
        December&#160;31, 2006 for the Company&#8217;s Stock Option Plans, the ESPP, and the
        Retention Plan: (in thousands)</font></div>
      <div align="center">
        <table border="0" cellpadding="0" cellspacing="0" style="BORDER-COLLAPSE: collapse">

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                <div style="MARGIN: 0in 0in 0pt 10pt; TEXT-INDENT: -10pt; LINE-HEIGHT: 10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Research
                  and
                  development</font></div>
              </td>
              <td valign="bottom" width="2%" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 2.52%; padding-top: 0in;">
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                <div style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt; TEXT-ALIGN: left" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">$</font></div>
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                <div style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right">&#160;</div>
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                <div style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt">&#160;</div>
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              <td colspan="2" valign="top" width="86%" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 86.5%; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt 10pt; TEXT-INDENT: -10pt; LINE-HEIGHT: 10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Clinical
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                <div style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">1,296</font></div>
              </td>
              <td valign="bottom" width="2%" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 2.84%; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt">&#160;</div>
              </td>
              <td valign="bottom" width="0%" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 0.4%; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt">&#160;</div>
              </td>
            </tr>
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              <td colspan="2" valign="top" width="86%" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 86.5%; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt 10pt; TEXT-INDENT: -10pt; LINE-HEIGHT: 10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Marketing,
                  general and administrative</font></div>
              </td>
              <td valign="bottom" width="2%" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 2.52%; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt">&#160;</div>
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                <div style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">5,155</font></div>
              </td>
              <td valign="bottom" width="2%" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 2.84%; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt">&#160;</div>
              </td>
              <td valign="bottom" width="0%" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 0.4%; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt">&#160;</div>
              </td>
            </tr>
            <tr style="page-break-inside: avoid;">
              <td colspan="2" valign="top" width="86%" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 86.5%; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt 10pt; TEXT-INDENT: -10pt; LINE-HEIGHT: 10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Total
                  cost of
                  share-based compensation for the year</font></div>
              </td>
              <td valign="bottom" width="2%" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 2.52%; padding-top: 0in;">
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                <div style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">9,446</font></div>
              </td>
              <td valign="bottom" width="2%" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 2.84%; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt">&#160;</div>
              </td>
              <td valign="bottom" width="0%" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 0.4%; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt">&#160;</div>
              </td>
            </tr>
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              <td valign="top" width="86%" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 86.42%; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt 10pt; TEXT-INDENT: -10pt; LINE-HEIGHT: 10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Amount
                  capitalized in inventory and fixed assets during the year</font></div>
              </td>
              <td colspan="2" valign="bottom" width="2%" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 2.6%; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="7%" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 7.72%; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">(1,328</font></div>
              </td>
              <td valign="bottom" width="2%" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 2.84%; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">)</font></div>
              </td>
              <td valign="bottom" width="0%" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 0.4%; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt">&#160;</div>
              </td>
            </tr>
            <tr style="page-break-inside: avoid;">
              <td valign="top" width="86%" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 86.42%; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt 10pt; TEXT-INDENT: -10pt; LINE-HEIGHT: 10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Amount
                  recognized in income for amounts previously capitalized in inventory
                  and
                  fixed assets<font style="LETTER-SPACING: 2.25pt">&#160;
                  </font></font></div>
              </td>
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                <div style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="7%" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0in; padding-bottom: 0in; border-left: medium none; width: 7.72%; padding-top: 0in; border-bottom: windowtext 1pt solid;">
                <div style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">326</font></div>
              </td>
              <td valign="bottom" width="2%" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 2.84%; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt">&#160;</div>
              </td>
              <td valign="bottom" width="0%" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 0.4%; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt">&#160;</div>
              </td>
            </tr>
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              <td valign="top" width="86%" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 86.42%; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt 10pt; TEXT-INDENT: -10pt; LINE-HEIGHT: 10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Amounts
                  charged against income, before income tax benefit</font></div>
              </td>
              <td colspan="2" valign="bottom" width="2%" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 2.6%; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt">&#160;</div>
              </td>
              <td valign="bottom" width="1%" style="border-right: medium none; padding-right: 0in; border-top: medium none; padding-left: 0in; padding-bottom: 0in; border-left: medium none; width: 1.2%; padding-top: 0in; border-bottom: windowtext 2.25pt double;">
                <div style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt; TEXT-ALIGN: left" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">$</font></div>
              </td>
              <td valign="bottom" width="6%" style="border-right: medium none; padding-right: 0.7pt; border-top: windowtext 1pt solid; padding-left: 0in; padding-bottom: 0in; border-left: medium none; width: 6.52%; padding-top: 0in; border-bottom: windowtext 2.25pt double;">
                <div style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">8,444</font></div>
              </td>
              <td valign="bottom" width="2%" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 2.84%; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="0%" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 0.4%; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 10pt">&#160;</div>
              </td>
            </tr>
            <tr>
              <td width="588" style="border-right: medium none; border-top: medium none; border-left: medium none; border-bottom: medium none;">
              </td>
              <td width="1" style="border-right: medium none; border-top: medium none; border-left: medium none; border-bottom: medium none;">
              </td>
              <td width="17" style="border-right: medium none; border-top: medium none; border-left: medium none; border-bottom: medium none;">
              </td>
              <td width="8" style="border-right: medium none; border-top: medium none; border-left: medium none; border-bottom: medium none;">
              </td>
              <td width="44" style="border-right: medium none; border-top: medium none; border-left: medium none; border-bottom: medium none;">
              </td>
              <td width="19" style="border-right: medium none; border-top: medium none; border-left: medium none; border-bottom: medium none;">
              </td>
              <td width="3" style="border-right: medium none; border-top: medium none; border-left: medium none; border-bottom: medium none;">
              </td>
            </tr>

        </table>
      </div>
      <div style="MARGIN: 0in 0in 6pt">&#160;</div>
      <div style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 20pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">As
        a result of
        adopting SFAS 123R, the Company&#8217;s income before income taxes and net income for
        the year ended December&#160;31, 2006 was approximately $8.4 million and $6.8
        million, respectively, lower than if it had continued to account for share-based
        compensation in accordance with the provisions of APB No.&#160;25. Basic and
        diluted income per share for the year ended December&#160;31, 2006, would have
        been $4.48 and $4.18, respectively, if the Company had not adopted SFAS 123R,
        compared to reported basic and diluted income per share of $4.40 and $4.11,
        respectively. In addition, for the year ended December&#160;31, 2006, the
        adoption of SFAS&#160;123R resulted in net cash provided by operating activities
        being lower and net cash provided by financing activities being higher by
        approximately $94.7 million. This amount represents the benefit of equity
        net
        operating losses that will be taken as a reduction on our tax returns and
        therefore, saving us cash by reducing our federal and state taxes
        due.</font></div>
      <div style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 20pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Prior
        to the
        adoption of SFAS 123R, all tax benefits for deductions resulting from the
        exercise of stock options were presented as operating cash flows on the
        Consolidated Statements of Cash Flows. Upon adoption of SFAS 123R, cash flows
        resulting from the tax benefits of tax deductions are classified as financing
        cash flows.</font></div>
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        Fair
        Value</font></i></strong></div>
      <div style="FONT-SIZE: 10pt; MARGIN: 0in 0in 6pt; TEXT-INDENT: 20pt; FONT-FAMILY: Times New Roman"><font style="FONT-STYLE: italic"><i><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Valuation
        and
        Amortization Method:</font></i></font><i>&#160;&#160; </i>The fair value of
        stock options granted under the Company&#8217;s Stock Option Plans and the ESPP is
        estimated using the Black-Scholes option pricing model. The fair value of
        stock
        options granted after January&#160;1, 2006 is amortized on a straight-line
        basis. The fair value of stock options granted before January&#160;1, 2006 is
        amortized using the graded vesting attribution approach. Compensation expense
        is
        amortized over the requisite service periods of the awards, which are generally
        the vesting periods. The fair value of awards granted under the Retention
        Plan
        were calculated using a Monte-Carlo simulation pricing model. The fair value
        of
        these awards is being amortized based on the proportionate amount of the
        requisite service period that has been rendered to date for each respective
        performance period.</div>
      <div style="FONT-SIZE: 10pt; MARGIN: 0in 0in 6pt; TEXT-INDENT: 20pt; FONT-FAMILY: Times New Roman"><font style="FONT-STYLE: italic"><i><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Expected
        Term:</font></i></font><i>&#160;&#160; </i>The expected term of an employee
        share option is the period of time for which the option is expected to be
        outstanding. The Company has made a determination of expected term by analyzing
        employees&#8217; historical exercise experience and post-vesting employment
        termination behavior from its history of grants and exercises in the Company&#8217;s
        option database. The historical pattern of option exercises has been analyzed
        in
        an effort to determine if there were any discernable patterns of activity
        based
        on certain demographic characteristics such as employees&#8217; length of service,
        salary and job level.</div>
      <div style="FONT-SIZE: 10pt; MARGIN: 0in 0pt 6pt; TEXT-INDENT: 0pt; FONT-FAMILY: Times New Roman">&#160;</div>
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      <div style="FONT-WEIGHT: bold; MARGIN: 0pt 0pt 24pt; LINE-HEIGHT: 16pt; TEXT-ALIGN: center"><strong><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">IMCLONE
        SYSTEMS
        INCORPORATED<br>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
        (Continued)</font></strong></div>
      <div style="FONT-SIZE: 10pt; MARGIN: 0pt 0pt 6pt; TEXT-INDENT: 20pt; FONT-FAMILY: Times New Roman"><font style="FONT-STYLE: italic"><i><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Expected
        Volatility:</font></i></font>&#160;&#160; Volatility is a measure of the amount
        by which a financial variable, such as share price, has fluctuated (historical
        volatility) or is expected to fluctuate (expected volatility). The expected
        volatility of stock option awards at the date of grant is estimated based
        on the
        implied volatility of greater than one-year publicly traded options. The
        decision to use implied volatility was based upon the availability of actively
        traded options on the Company&#8217;s common stock and the assessment that implied
        volatility is more representative of future stock price trends than historical
        volatility. Prior to the adoption of SFAS&#160;123R, the Company calculated
        expected volatility using only historical stock price volatility.</div>
      <div style="FONT-SIZE: 10pt; MARGIN: 0pt 0pt 6pt; TEXT-INDENT: 20pt; FONT-FAMILY: Times New Roman"><font style="FONT-STYLE: italic"><i><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Risk-Free
        Interest
        Rate:</font></i></font>&#160;&#160; The risk-free interest rate used in the
        Black-Scholes option pricing model is based on the implied yield available
        on
        U.S. Treasury zero-coupon issues with a remaining term equal to the expected
        term used. The risk free rate used in the Monte-Carlo valuation model is
        based
        on the implied yield in effect at the time of grant from the constant maturity
        treasury yield curve over the contractual terms of the award.</div>
      <div style="FONT-SIZE: 10pt; MARGIN: 0pt 0pt 6pt; TEXT-INDENT: 20pt; FONT-FAMILY: Times New Roman"><font style="FONT-STYLE: italic"><i><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Dividends:</font></i></font><i>&#160;&#160;
</i>Cash
        dividends have never
        been declared on the Company&#8217;s common stock and the Company has no present
        intention to declare cash dividends in the foreseeable future. Consequently,
        an
        expected dividend yield of zero was used in both the Black-Scholes and
        Monte-Carlo valuation models.</div>
      <div style="FONT-SIZE: 10pt; MARGIN: 0pt 0pt 6pt; TEXT-INDENT: 20pt; FONT-FAMILY: Times New Roman"><font style="FONT-STYLE: italic"><i><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Forfeitures:</font></i></font><i>&#160;&#160;
</i>The
        Company uses
        historical data to estimate pre-vesting option forfeitures. Share-based
        compensation expense is recorded only for those awards that are expected
        to
        vest.</div>
      <div style="MARGIN: 0pt 0pt 12pt; TEXT-INDENT: 20pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">The
        following
        assumptions were used to estimate the fair value of options granted under
        the
        Company&#8217;s Stock Option Plans:</font></div>
      <div align="center">
        <table border="0" cellpadding="0" cellspacing="0" style="BORDER-COLLAPSE: collapse">

            <tr style="page-break-inside: avoid;">
              <td valign="bottom" width="297" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 222.55pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
              </td>
              <td colspan="5" valign="bottom" width="175" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 131.2pt; padding-top: 0pt; border-bottom: windowtext 1pt solid;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center"><strong><font style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman" size="1">Year&#160;Ended&#160;December&#160;31,</font></strong></div>
              </td>
              <td valign="bottom" width="14" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 10.2pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
              </td>
            </tr>
            <tr style="page-break-inside: avoid;">
              <td valign="bottom" width="297" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 222.55pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
              </td>
              <td valign="bottom" width="79" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 59.2pt; padding-top: 0pt; border-bottom: windowtext 1pt solid;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center"><strong><font style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman" size="1">2006</font></strong></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
              </td>
              <td valign="bottom" width="32" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 24pt; padding-top: 0pt; border-bottom: windowtext 1pt solid;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center"><strong><font style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman" size="1">2005</font></strong></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
              </td>
              <td valign="bottom" width="32" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 24pt; padding-top: 0pt; border-bottom: windowtext 1pt solid;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center"><strong><font style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman" size="1">2004</font></strong></div>
              </td>
              <td valign="bottom" width="14" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 10.2pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
              </td>
            </tr>
            <tr bgcolor="#cceeff" style="page-break-inside: avoid;">
              <td valign="top" width="297" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 222.55pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt 0pt 0pt 10pt; TEXT-INDENT: -10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Expected
                  term
                  (years)</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="79" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 59.2pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">3.95-5.72</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="32" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 24pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">4.49</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="32" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 24pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">4.47</font></div>
              </td>
              <td valign="bottom" width="14" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 10.2pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
            </tr>
            <tr style="page-break-inside: avoid;">
              <td valign="top" width="297" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 222.55pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt 0pt 0pt 10pt; TEXT-INDENT: -10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Risk-free
                  interest rate</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="79" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 59.2pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">4.31-5.21</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">%</font></div>
              </td>
              <td valign="bottom" width="32" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 24pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">3.62</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">%</font></div>
              </td>
              <td valign="bottom" width="32" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 24pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">2.63</font></div>
              </td>
              <td valign="bottom" width="14" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 10.2pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">%</font></div>
              </td>
            </tr>
            <tr bgcolor="#cceeff" style="page-break-inside: avoid;">
              <td valign="top" width="297" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 222.55pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt 0pt 0pt 10pt; TEXT-INDENT: -10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Expected
                  volatility</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="79" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 59.2pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">27.45-42.70</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">%</font></div>
              </td>
              <td valign="bottom" width="32" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 24pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">82.92</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">%</font></div>
              </td>
              <td valign="bottom" width="32" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 24pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">85.42</font></div>
              </td>
              <td valign="bottom" width="14" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 10.2pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">%</font></div>
              </td>
            </tr>
            <tr style="page-break-inside: avoid;">
              <td valign="top" width="297" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 222.55pt; padding-top: 0pt;">
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                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">0</font></div>
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                <div style="MARGIN: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">%</font></div>
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              <td valign="bottom" width="32" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 24pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">0</font></div>
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">%</font></div>
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              <td valign="bottom" width="32" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 24pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">0</font></div>
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                <div style="MARGIN: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">%</font></div>
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      <div style="MARGIN: 0pt 0pt 12pt; LINE-HEIGHT: 1pt">&#160;</div>
      <div style="MARGIN: 0pt 0pt 12pt; TEXT-INDENT: 20pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">The
        assumptions
        used in the Monte-Carlo simulation modeling to estimate the fair value of
        awards
        under the Retention Plan for the year ended December&#160;31, 2006 were:
        expected volatility of 42.23 %, risk-free interest rate ranging from 4.87%
        to
        5.03% and expected dividend yield of 0%. The fair value of the Company&#8217;s ESPP
        awards during the year ended December&#160;31, 2006 were calculated using the
        intrinsic value of the common stock purchased on the end of each quarter
        based
        on the fact that the Company&#8217;s offering period is three months and the ESPP does
        not contain a look-back provision.</font></div>
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      <div style="FONT-WEIGHT: bold; MARGIN: 0pt 0pt 24pt; LINE-HEIGHT: 16pt; TEXT-ALIGN: center"><strong><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">IMCLONE
        SYSTEMS
        INCORPORATED<br>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
        (Continued)</font></strong></div>
      <div style="FONT-WEIGHT: bold; MARGIN: 0pt 0pt 6pt 10pt; TEXT-INDENT: -10pt; FONT-STYLE: italic"><strong><i><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Stock
        Option
        Activity and Share-Based Compensation Expense</font></i></strong></div>
      <div style="MARGIN: 0pt 0pt 12pt; TEXT-INDENT: 20pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Stock
        option
        activity for the year ended December&#160;31, 2006 is summarized as
        follows:</font></div>
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            <tr style="page-break-inside: avoid;">
              <td valign="bottom" width="172" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 129.05pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
              </td>
              <td valign="bottom" width="62" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 46.5pt; padding-top: 0pt; border-bottom: windowtext 1pt solid;">
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
              </td>
              <td colspan="4" valign="bottom" width="70" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 52.2pt; padding-top: 0pt; border-bottom: windowtext 1pt solid;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center"><strong><font style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman" size="1">Weighted<br>Average<br>Exercise&#160;Price<br>Per&#160;Share</font></strong></div>
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
              </td>
              <td colspan="3" valign="bottom" width="57" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 43.05pt; padding-top: 0pt; border-bottom: windowtext 1pt solid;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center"><strong><font style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman" size="1">Weighted<br>Average<br>Remaining<br>Contractual<br>Term</font></strong></div>
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
              </td>
              <td colspan="4" valign="bottom" width="71" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 53.15pt; padding-top: 0pt; border-bottom: windowtext 1pt solid;">
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                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
              </td>
            </tr>
            <tr style="page-break-inside: avoid;">
              <td valign="bottom" width="172" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 129.05pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
              </td>
              <td valign="bottom" width="62" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 46.5pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
              </td>
              <td colspan="4" valign="bottom" width="70" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 52.2pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
              </td>
              <td colspan="3" valign="bottom" width="57" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 43.05pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center"><strong><font style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman" size="1">(Years)</font></strong></div>
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
              </td>
              <td colspan="4" valign="bottom" width="71" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 53.15pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center"><strong><font style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman" size="1">(in&#160;thousands)</font></strong></div>
              </td>
              <td valign="bottom" width="2" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 1.75pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
              </td>
            </tr>
            <tr bgcolor="#cceeff" style="page-break-inside: avoid;">
              <td valign="top" width="172" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 129.05pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt 0pt 0pt 10pt; TEXT-INDENT: -10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Outstanding
                  at December&#160;31, 2005</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="62" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 46.5pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">12,619,193</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="15" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 11.6pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="7" style="padding-right: 0pt; padding-left: 0pt; padding-bottom: 0pt; width: 5pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: left" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">$</font></div>
              </td>
              <td valign="bottom" width="32" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 24pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">37.38</font></div>
              </td>
              <td valign="bottom" width="15" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 11.6pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="25" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 19pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12.05pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="13" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 9.55pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="45" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 34.05pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="13" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 9.55pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="2" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 1.75pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
            </tr>
            <tr style="page-break-inside: avoid;">
              <td valign="top" width="172" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 129.05pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt 0pt 0pt 20pt; TEXT-INDENT: -10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Granted</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="62" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 46.5pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">1,763,905</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="15" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 11.6pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="39" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 29pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">34.32</font></div>
              </td>
              <td valign="bottom" width="15" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 11.6pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="25" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 19pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12.05pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="13" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 9.55pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="45" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 34.05pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="13" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 9.55pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="2" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 1.75pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
            </tr>
            <tr bgcolor="#cceeff" style="page-break-inside: avoid;">
              <td valign="top" width="172" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 129.05pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt 0pt 0pt 20pt; TEXT-INDENT: -10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Exercised</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="62" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 46.5pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">(1,701,447</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">)</font></div>
              </td>
              <td valign="bottom" width="15" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 11.6pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="39" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 29pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">17.04</font></div>
              </td>
              <td valign="bottom" width="15" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 11.6pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="25" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 19pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12.05pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="13" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 9.55pt; padding-top: 0pt;">
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              <td valign="bottom" width="13" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 9.55pt; padding-top: 0pt;">
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              <td valign="bottom" width="2" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 1.75pt; padding-top: 0pt;">
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              <td valign="bottom" width="62" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 46.5pt; padding-top: 0pt;">
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                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
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              <td colspan="2" valign="bottom" width="39" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 29pt; padding-top: 0pt;">
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                <div style="MARGIN: 0pt">&#160;</div>
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
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              <td valign="bottom" width="25" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 19pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12.05pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
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              <td valign="bottom" width="13" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 9.55pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
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              <td colspan="2" valign="bottom" width="45" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 34.05pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
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              <td valign="bottom" width="13" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 9.55pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
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              <td valign="bottom" width="2" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 1.75pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
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              <td valign="top" width="172" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 129.05pt; padding-top: 0pt;">
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                <div style="MARGIN: 0pt">&#160;</div>
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              <td valign="bottom" width="62" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 46.5pt; padding-top: 0pt; border-bottom: windowtext 1pt solid;">
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                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
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              <td colspan="2" valign="bottom" width="39" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 29pt; padding-top: 0pt;">
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                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
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              <td valign="bottom" width="25" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 19pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12.05pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="13" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 9.55pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
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              <td colspan="2" valign="bottom" width="45" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 34.05pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="13" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 9.55pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="2" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 1.75pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
            </tr>
            <tr style="page-break-inside: avoid;">
              <td valign="top" width="172" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 129.05pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt 0pt 0pt 10pt; TEXT-INDENT: -10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Outstanding
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="62" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 46.5pt; padding-top: 0pt; border-bottom: windowtext 1pt solid;">
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="15" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 11.6pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="7" style="padding-right: 0pt; padding-left: 0pt; padding-bottom: 0pt; width: 5pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: left" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">$</font></div>
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              <td valign="bottom" width="32" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 24pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">38.55</font></div>
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              <td valign="bottom" width="15" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 11.6pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="25" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 19pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">6.12</font></div>
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12.05pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="13" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 9.55pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="7" style="padding-right: 0pt; padding-left: 0pt; padding-bottom: 0pt; width: 5pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: left" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">$</font></div>
              </td>
              <td valign="bottom" width="39" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 29.05pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">19,331</font></div>
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              <td valign="bottom" width="13" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 9.55pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="2" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 1.75pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
            </tr>
            <tr bgcolor="#cceeff" style="page-break-inside: avoid;">
              <td valign="top" width="172" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 129.05pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt 0pt 0pt 10pt; TEXT-INDENT: -10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Vested
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              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="62" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 46.5pt; padding-top: 0pt; border-bottom: windowtext 1pt solid;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">10,327,285</font></div>
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="15" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 11.6pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="7" style="padding-right: 0pt; padding-left: 0pt; padding-bottom: 0pt; width: 5pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: left" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">$</font></div>
              </td>
              <td valign="bottom" width="32" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 24pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">38.64</font></div>
              </td>
              <td valign="bottom" width="15" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 11.6pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="25" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 19pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">6.01</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12.05pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="13" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 9.55pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="7" style="padding-right: 0pt; padding-left: 0pt; padding-bottom: 0pt; width: 5pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: left" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">$</font></div>
              </td>
              <td valign="bottom" width="39" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 29.05pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">19,325</font></div>
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              <td valign="bottom" width="13" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 9.55pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="2" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 1.75pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
            </tr>
            <tr style="page-break-inside: avoid;">
              <td valign="top" width="172" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 129.05pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt 0pt 0pt 10pt; TEXT-INDENT: -10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Exercisable
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              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="62" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 46.5pt; padding-top: 0pt; border-bottom: windowtext 1pt solid;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">9,089,017</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="15" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 11.6pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="7" style="padding-right: 0pt; padding-left: 0pt; padding-bottom: 0pt; width: 5pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: left" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">$</font></div>
              </td>
              <td valign="bottom" width="32" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 24pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">39.42</font></div>
              </td>
              <td valign="bottom" width="15" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 11.6pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="25" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 19pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">5.65</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12.05pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="13" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 9.55pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="7" style="padding-right: 0pt; padding-left: 0pt; padding-bottom: 0pt; width: 5pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: left" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">$</font></div>
              </td>
              <td valign="bottom" width="39" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 29.05pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">18,587</font></div>
              </td>
              <td valign="bottom" width="13" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 9.55pt; padding-top: 0pt;">
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              </td>
              <td valign="bottom" width="2" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 1.75pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
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      <div style="MARGIN: 0pt 0pt 12pt; LINE-HEIGHT: 1pt">&#160;</div>
      <div style="MARGIN: 0pt 0pt 6pt; TEXT-INDENT: 20pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">The
        weighted
        average fair value of options granted during the years ended December&#160;31,
        2006, 2005 and 2004 was $14.64,&#160; $25.34 and $33.21, respectively. The
        aggregate intrinsic value of options outstanding at December&#160;31, 2006 is
        calculated as the difference between the exercise price of the underlying
        options and the market price of the Company&#8217;s common stock for the 1,486,837
        shares that had exercise prices that were lower than the $26.76 market price
        of
        our common stock at December&#160;31, 2006. The total intrinsic value of options
        exercised during the years ended December&#160;31, 2006, 2005 and 2004 was
        approximately $27.3 million, $22.5 million and $150.8 million, respectively,
        determined as of the date of exercise.</font></div>
      <div style="MARGIN: 0pt 0pt 6pt; TEXT-INDENT: 20pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">The
        Company
        recognized for the year ended December&#160;31, 2006 approximately $7.4 million
        in share-based compensation expense, net of amounts capitalized, for stock
        options granted under the Company&#8217;s Stock Option Plans. As of December&#160;31,
        2006, there was approximately $14.9 million of total unrecognized compensation
        cost related to non-vested share-based compensation arrangements granted
        under
        the Company&#8217;s Stock Option Plans. This amount assumes the Company&#8217;s expected
        forfeiture rate. That cost is expected to be recognized over a weighted average
        period of approximately 2.6 years. The Company utilizes newly issued shares
        to
        satisfy the exercise of stock options.</font></div>
      <div style="MARGIN: 0pt 0pt 6pt; TEXT-INDENT: 20pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Upon
        issuance of
        the awards, the grant date fair value for the Retention Plan was approximately
        $3.7&#160;million. The fair value (based on the December&#160;31, 2006
        valuation) of the Retention Plan awards outstanding at December&#160;31, 2006
        was approximately $1.8 million. The combined fair value of the Retention
        Plan
        awards that were cancelled during the year ended December&#160;31, 2006 was
        approximately $591,000 (based on the December&#160;31, 2006 valuation). The
        aggregate intrinsic value of the awards outstanding at December&#160;31, 2006,
        all of which are not vested, is $0 because the 30-day average closing stock
        price preceding December&#160;31, 2006 did not exceed the trigger price of
        $32.99. The aggregate intrinsic value of the awards expected to vest at
        December&#160;31, 2006 is $0. The weighted average remaining contractual term
        for both the awards outstanding and the awards that are vested and expected
        to
        vest at December&#160;31, 2006 is approximately 1.5 years.</font></div>
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      <div style="FONT-WEIGHT: bold; MARGIN: 0pt 0pt 24pt; LINE-HEIGHT: 16pt; TEXT-ALIGN: center"><strong><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">IMCLONE
        SYSTEMS
        INCORPORATED<br>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
        (Continued)</font></strong></div>
      <div style="MARGIN: 0pt 0pt 6pt; TEXT-INDENT: 20pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">The
        Company
        recognized for the year ended December&#160;31, 2006 approximately $557,000 in
        share-based compensation expense, net of amounts capitalized, for the Retention
        Plan. As of December&#160;31, 2006, there was approximately $910,000 of total
        unrecognized compensation cost related to non-vested share-based compensation
        arrangements granted under the Retention Plan. This amount assumes the Company&#8217;s
        expected forfeiture rate. The costs associated with the awards are expected
        to
        be recognized over the Performance Periods.</font></div>
      <div style="MARGIN: 0pt 0pt 12pt; TEXT-INDENT: 20pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">During
        the year
        ended December&#160;31, 2006, the Company granted&#160; 29,749 shares for the
        ESPP for a total of 213,144 shares that have been issued under the plan and
        recognized approximately $122,000 in share-based compensation expense, net
        of
        amounts capitalized. The Company utilizes newly issued shares to satisfy
        the
        issuance of shares under the ESPP.</font></div>
      <div style="FONT-WEIGHT: bold; MARGIN: 0pt 0pt 6pt 10pt; TEXT-INDENT: -10pt; FONT-STYLE: italic"><strong><i><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Comparable
        Disclosures</font></i></strong></div>
      <div style="MARGIN: 0pt 0pt 12pt; TEXT-INDENT: 20pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">The
        following table
        illustrates the effect on net income and net income per share for the years
        ended December&#160;31, 2005 and 2004, if the compensation cost for the
        Company&#8217;s stock option grants had been determined based on the fair value at the
        grant dates for awards consistent with the fair value method of Statement
        of
        Financial Accounting Standards No.&#160;123 &#8220;Accounting for Stock-Based
        Compensation (&#8220;SFAS&#160;123&#8221;). The stock-based employee compensation expense
        determined under the fair value based method was calculated using the graded
        vesting attribution approach.</font></div>
      <div align="center">
        <table border="0" cellpadding="0" cellspacing="0" style="BORDER-COLLAPSE: collapse">

            <tr style="page-break-inside: avoid;">
              <td valign="bottom" width="461" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 346.1pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
              </td>
              <td colspan="5" valign="bottom" width="124" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 92.85pt; padding-top: 0pt; border-bottom: windowtext 1pt solid;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center"><strong><font style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman" size="1">Year&#160;Ended&#160;December&#160;31,</font></strong></div>
              </td>
              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 4.65pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
              </td>
            </tr>
            <tr style="page-break-inside: avoid;">
              <td valign="bottom" width="461" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 346.1pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="50" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 37.85pt; padding-top: 0pt; border-bottom: windowtext 1pt solid;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center"><strong><font style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman" size="1">2005</font></strong></div>
              </td>
              <td valign="bottom" width="21" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 16pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="52" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 39pt; padding-top: 0pt; border-bottom: windowtext 1pt solid;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center"><strong><font style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman" size="1">2004</font></strong></div>
              </td>
              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 4.65pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
              </td>
            </tr>
            <tr style="page-break-inside: avoid;">
              <td valign="bottom" width="461" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 346.1pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
              </td>
              <td colspan="5" valign="bottom" width="124" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 92.85pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center"><strong><font style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman" size="1">(in&#160;thousands,&#160;except&#160;per<br>share&#160;amounts)</font></strong></div>
              </td>
              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 4.65pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
              </td>
            </tr>
            <tr bgcolor="#cceeff" style="page-break-inside: avoid;">
              <td valign="top" width="461" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 346.1pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt 0pt 0pt 10pt; TEXT-INDENT: -10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Net
                  income,
                  as reported</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="7" style="padding-right: 0pt; padding-left: 0pt; padding-bottom: 0pt; width: 5pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: left" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">$</font></div>
              </td>
              <td valign="bottom" width="44" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 32.85pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">86,496</font></div>
              </td>
              <td valign="bottom" width="21" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 16pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="7" style="padding-right: 0pt; padding-left: 0pt; padding-bottom: 0pt; width: 5pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: left" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">$</font></div>
              </td>
              <td valign="bottom" width="45" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 34pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">113,653</font></div>
              </td>
              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 4.65pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
            </tr>
            <tr style="page-break-inside: avoid;">
              <td valign="top" width="461" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 346.1pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt 0pt 0pt 10pt; TEXT-INDENT: -10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Add:
                  Stock-based employee compensation expense included in net income,
                  tax
                  effected</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="50" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 37.85pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">&#8212;</font></div>
              </td>
              <td valign="bottom" width="21" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 16pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="52" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 39pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">1,759</font></div>
              </td>
              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 4.65pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
            </tr>
            <tr bgcolor="#cceeff" style="page-break-inside: avoid;">
              <td valign="top" width="461" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 346.1pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt 0pt 0pt 10pt; TEXT-INDENT: -10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Deduct:
                  Total
                  stock-based employee compensation expense determined under fair
                  value
                  based method, tax effected</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="50" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 37.85pt; padding-top: 0pt; border-bottom: windowtext 1pt solid;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">(89,365</font></div>
              </td>
              <td valign="bottom" width="21" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0.375pt; width: 16pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">)</font></div>
              </td>
              <td colspan="2" valign="bottom" width="52" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 39pt; padding-top: 0pt; border-bottom: windowtext 1pt solid;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">(46,283</font></div>
              </td>
              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0.375pt; width: 4.65pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">)</font></div>
              </td>
            </tr>
            <tr style="page-break-inside: avoid;">
              <td valign="top" width="461" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 346.1pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt 0pt 0pt 20pt; TEXT-INDENT: -10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Pro
                  forma net
                  (loss) income</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="7" style="border-right: medium none; padding-right: 0pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 5pt; padding-top: 0pt; border-bottom: windowtext 2.25pt double;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: left" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">$</font></div>
              </td>
              <td valign="bottom" width="44" style="border-right: medium none; padding-right: 0.7pt; border-top: windowtext 1pt solid; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 32.85pt; padding-top: 0pt; border-bottom: windowtext 2.25pt double;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">(2,869</font></div>
              </td>
              <td valign="bottom" width="21" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 1.125pt; width: 16pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">)</font></div>
              </td>
              <td valign="bottom" width="7" style="border-right: medium none; padding-right: 0pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 5pt; padding-top: 0pt; border-bottom: windowtext 2.25pt double;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: left" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">$</font></div>
              </td>
              <td valign="bottom" width="45" style="border-right: medium none; padding-right: 0.7pt; border-top: windowtext 1pt solid; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 34pt; padding-top: 0pt; border-bottom: windowtext 2.25pt double;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">69,129</font></div>
              </td>
              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 4.65pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
            </tr>
            <tr bgcolor="#cceeff" style="page-break-inside: avoid;">
              <td valign="top" width="461" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 346.1pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt 0pt 0pt 10pt; TEXT-INDENT: -10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Net
                  (loss)
                  income per common share:</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="50" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 37.85pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="21" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 16pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="52" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 39pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 4.65pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
            </tr>
            <tr style="page-break-inside: avoid;">
              <td valign="top" width="461" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 346.1pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt 0pt 0pt 20pt; TEXT-INDENT: -10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Basic,
                  as
                  reported</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="7" style="padding-right: 0pt; padding-left: 0pt; padding-bottom: 0pt; width: 5pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: left" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">$</font></div>
              </td>
              <td valign="bottom" width="44" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 32.85pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">1.03</font></div>
              </td>
              <td valign="bottom" width="21" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 16pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="7" style="padding-right: 0pt; padding-left: 0pt; padding-bottom: 0pt; width: 5pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: left" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">$</font></div>
              </td>
              <td valign="bottom" width="45" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 34pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">1.43</font></div>
              </td>
              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 4.65pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
            </tr>
            <tr bgcolor="#cceeff" style="page-break-inside: avoid;">
              <td valign="top" width="461" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 346.1pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt 0pt 0pt 20pt; TEXT-INDENT: -10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Basic,
                  pro
                  forma</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="7" style="padding-right: 0pt; padding-left: 0pt; padding-bottom: 0pt; width: 5pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: left" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">$</font></div>
              </td>
              <td valign="bottom" width="44" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 32.85pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">(0.03</font></div>
              </td>
              <td valign="bottom" width="21" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 16pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">)</font></div>
              </td>
              <td valign="bottom" width="7" style="padding-right: 0pt; padding-left: 0pt; padding-bottom: 0pt; width: 5pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: left" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">$</font></div>
              </td>
              <td valign="bottom" width="45" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 34pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">0.87</font></div>
              </td>
              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 4.65pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
            </tr>
            <tr style="page-break-inside: avoid;">
              <td valign="top" width="461" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 346.1pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt 0pt 0pt 20pt; TEXT-INDENT: -10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Diluted,
                  as
                  reported</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="7" style="padding-right: 0pt; padding-left: 0pt; padding-bottom: 0pt; width: 5pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: left" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">$</font></div>
              </td>
              <td valign="bottom" width="44" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 32.85pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">1.01</font></div>
              </td>
              <td valign="bottom" width="21" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 16pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="7" style="padding-right: 0pt; padding-left: 0pt; padding-bottom: 0pt; width: 5pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: left" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">$</font></div>
              </td>
              <td valign="bottom" width="45" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 34pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">1.33</font></div>
              </td>
              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 4.65pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
            </tr>
            <tr bgcolor="#cceeff" style="page-break-inside: avoid;">
              <td valign="top" width="461" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 346.1pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt 0pt 0pt 20pt; TEXT-INDENT: -10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Diluted,
                  pro
                  forma</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="7" style="padding-right: 0pt; padding-left: 0pt; padding-bottom: 0pt; width: 5pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: left" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">$</font></div>
              </td>
              <td valign="bottom" width="44" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 32.85pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">(0.03</font></div>
              </td>
              <td valign="bottom" width="21" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 16pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">)</font></div>
              </td>
              <td valign="bottom" width="7" style="padding-right: 0pt; padding-left: 0pt; padding-bottom: 0pt; width: 5pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: left" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">$</font></div>
              </td>
              <td valign="bottom" width="45" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 34pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">0.85</font></div>
              </td>
              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 4.65pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
            </tr>

        </table>
      </div>
      <div style="MARGIN: 0pt 0pt 12pt; LINE-HEIGHT: 1pt">&#160;</div>
      <div style="FONT-SIZE: 10pt; MARGIN: 0pt 0pt 12pt; TEXT-INDENT: 20pt; FONT-FAMILY: Times New Roman"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">For
        the years ended
        2005 and 2004 there were 19,552,000, and 3,487,000, respectively, of potential
        common shares excluded from the pro forma diluted income per share computation
        because their inclusion would have had an anti-dilutive effect. The potential
        common shares excluded from the computation consist of anti-dilutive stock
        options for all periods and shares related to the 1</font><font style="FONT-SIZE: 6pt; POSITION: relative; TOP: -3pt" size="1">3</font><font style="FONT-FAMILY: Symbol">&#164;</font><font style="FONT-SIZE: 6pt" size="1">8</font>%
        convertible notes and 5<font style="FONT-SIZE: 6pt; POSITION: relative; TOP: -3pt" size="1">1</font><font style="FONT-FAMILY: Symbol">&#164;</font><font style="FONT-SIZE: 6pt" size="1">2</font>%
        convertible notes for the year ended December&#160;31, 2005.
        The pro forma effect on the net income (loss) for the years ended
        December&#160;31, 2005 and 2004 is not necessarily indicative of the effect on
        future years&#8217; operating results. Pro-forma stock-based compensation expense in
        2005 includes expenses associated with the accelerated vesting of options
        in the
        fourth quarter of 2005.</div>
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          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
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      <div style="FONT-WEIGHT: bold; MARGIN: 0pt 0pt 24pt; LINE-HEIGHT: 16pt; TEXT-ALIGN: center"><strong><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">IMCLONE
        SYSTEMS
        INCORPORATED<br>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
        (Continued)</font></strong></div>
      <div style="FONT-WEIGHT: bold; MARGIN: 0pt 0pt 6pt 10pt; TEXT-INDENT: -10pt"><strong><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">(12)
        Income
        Taxes</font></strong></div>
      <div style="MARGIN: 0pt 0pt 12pt; TEXT-INDENT: 20pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">The
        (benefit)
        provision for income taxes includes the following:
        (in&#160;thousands)</font></div>
      <div align="center">
        <table border="0" cellpadding="0" cellspacing="0" style="BORDER-COLLAPSE: collapse">

            <tr style="page-break-inside: avoid;">
              <td valign="bottom" width="309" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 231.65pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
              </td>
              <td colspan="8" valign="bottom" width="173" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 129.85pt; padding-top: 0pt; border-bottom: windowtext 1pt solid;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center"><strong><font style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman" size="1">Year&#160;Ended&#160;December&#160;31,</font></strong></div>
              </td>
              <td valign="bottom" width="2" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 1.7pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
              </td>
            </tr>
            <tr style="page-break-inside: avoid;">
              <td valign="bottom" width="309" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 231.65pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="57" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 42.85pt; padding-top: 0pt; border-bottom: windowtext 1pt solid;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center"><strong><font style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman" size="1">2006</font></strong></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="39" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 29pt; padding-top: 0pt; border-bottom: windowtext 1pt solid;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center"><strong><font style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman" size="1">2005</font></strong></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="45" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 34pt; padding-top: 0pt; border-bottom: windowtext 1pt solid;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center"><strong><font style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman" size="1">2004</font></strong></div>
              </td>
              <td valign="bottom" width="2" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 1.7pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
              </td>
            </tr>
            <tr bgcolor="#cceeff" style="page-break-inside: avoid;">
              <td valign="top" width="309" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 231.65pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt 0pt 0pt 10pt; TEXT-INDENT: -10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Current:</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="57" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 42.85pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="39" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 29pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="45" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 34pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="2" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 1.7pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
            </tr>
            <tr style="page-break-inside: avoid;">
              <td valign="top" width="309" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 231.65pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt 0pt 0pt 20pt; TEXT-INDENT: -10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Federal</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="7" style="padding-right: 0pt; padding-left: 0pt; padding-bottom: 0pt; width: 5pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: left" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">$</font></div>
              </td>
              <td valign="bottom" width="50" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 37.85pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">78,993</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="7" style="padding-right: 0pt; padding-left: 0pt; padding-bottom: 0pt; width: 5pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: left" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">$</font></div>
              </td>
              <td valign="bottom" width="32" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 24pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">861</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="7" style="padding-right: 0pt; padding-left: 0pt; padding-bottom: 0pt; width: 5pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: left" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">$</font></div>
              </td>
              <td valign="bottom" width="39" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 29pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">5,947</font></div>
              </td>
              <td valign="bottom" width="2" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 1.7pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
            </tr>
            <tr bgcolor="#cceeff" style="page-break-inside: avoid;">
              <td valign="top" width="309" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 231.65pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt 0pt 0pt 20pt; TEXT-INDENT: -10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">State
                  and
                  local</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="57" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 42.85pt; padding-top: 0pt; border-bottom: windowtext 1pt solid;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">24,401</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="39" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 29pt; padding-top: 0pt; border-bottom: windowtext 1pt solid;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">717</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="45" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 34pt; padding-top: 0pt; border-bottom: windowtext 1pt solid;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">11,414</font></div>
              </td>
              <td valign="bottom" width="2" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 1.7pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
            </tr>
            <tr style="page-break-inside: avoid;">
              <td valign="top" width="309" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 231.65pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt 0pt 0pt 10pt; TEXT-INDENT: -10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Total
                  provision for income taxes</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="57" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 42.85pt; padding-top: 0pt; border-bottom: windowtext 1pt solid;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">103,394</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="39" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 29pt; padding-top: 0pt; border-bottom: windowtext 1pt solid;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">1,578</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="45" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 34pt; padding-top: 0pt; border-bottom: windowtext 1pt solid;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">17,361</font></div>
              </td>
              <td valign="bottom" width="2" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 1.7pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
            </tr>
            <tr bgcolor="#cceeff" style="page-break-inside: avoid;">
              <td valign="top" width="309" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 231.65pt; padding-top: 0pt;">
                <div style="MARGIN: 6pt 0pt 0pt 10pt; TEXT-INDENT: -10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Deferred:</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 6pt 0pt 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="57" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 42.85pt; padding-top: 0pt;">
                <div style="MARGIN: 6pt 0pt 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 6pt 0pt 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="39" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 29pt; padding-top: 0pt;">
                <div style="MARGIN: 6pt 0pt 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 6pt 0pt 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="45" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 34pt; padding-top: 0pt;">
                <div style="MARGIN: 6pt 0pt 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="2" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 1.7pt; padding-top: 0pt;">
                <div style="MARGIN: 6pt 0pt 0pt">&#160;</div>
              </td>
            </tr>
            <tr style="page-break-inside: avoid;">
              <td valign="top" width="309" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 231.65pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt 0pt 0pt 20pt; TEXT-INDENT: -10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Federal</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="57" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 42.85pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">(130,846</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">)</font></div>
              </td>
              <td colspan="2" valign="bottom" width="39" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 29pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">&#8212;</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="45" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 34pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">&#8212;</font></div>
              </td>
              <td valign="bottom" width="2" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 1.7pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
            </tr>
            <tr bgcolor="#cceeff" style="page-break-inside: avoid;">
              <td valign="top" width="309" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 231.65pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt 0pt 0pt 20pt; TEXT-INDENT: -10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">State
                  and
                  local</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="57" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 42.85pt; padding-top: 0pt; border-bottom: windowtext 1pt solid;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">(22,902</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0.375pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">)</font></div>
              </td>
              <td colspan="2" valign="bottom" width="39" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 29pt; padding-top: 0pt; border-bottom: windowtext 1pt solid;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">&#8212;</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="45" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 34pt; padding-top: 0pt; border-bottom: windowtext 1pt solid;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">&#8212;</font></div>
              </td>
              <td valign="bottom" width="2" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 1.7pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
            </tr>
            <tr style="page-break-inside: avoid;">
              <td valign="top" width="309" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 231.65pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt 0pt 0pt 10pt; TEXT-INDENT: -10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Total
                  benefit
                  for income taxes</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="57" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 42.85pt; padding-top: 0pt; border-bottom: windowtext 1pt solid;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">(153,748</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0.375pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">)</font></div>
              </td>
              <td colspan="2" valign="bottom" width="39" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 29pt; padding-top: 0pt; border-bottom: windowtext 1pt solid;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">&#8212;</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="45" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 34pt; padding-top: 0pt; border-bottom: windowtext 1pt solid;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">&#8212;</font></div>
              </td>
              <td valign="bottom" width="2" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 1.7pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
            </tr>
            <tr bgcolor="#cceeff" style="page-break-inside: avoid;">
              <td valign="top" width="309" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 231.65pt; padding-top: 0pt;">
                <div style="MARGIN: 6pt 0pt 0pt 10pt; TEXT-INDENT: -10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">(Benefit)
                  provision for income taxes</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 6pt 0pt 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="7" style="border-right: medium none; padding-right: 0pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 5pt; padding-top: 0pt; border-bottom: windowtext 2.25pt double;">
                <div style="MARGIN: 6pt 0pt 0pt; TEXT-ALIGN: left" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">$</font></div>
              </td>
              <td valign="bottom" width="50" style="border-right: medium none; padding-right: 0.7pt; border-top: windowtext 1pt solid; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 37.85pt; padding-top: 0pt; border-bottom: windowtext 2.25pt double;">
                <div style="MARGIN: 6pt 0pt 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">(50,354</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 2.25pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 6pt 0pt 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">)</font></div>
              </td>
              <td valign="bottom" width="7" style="border-right: medium none; padding-right: 0pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 5pt; padding-top: 0pt; border-bottom: windowtext 2.25pt double;">
                <div style="MARGIN: 6pt 0pt 0pt; TEXT-ALIGN: left" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">$</font></div>
              </td>
              <td valign="bottom" width="32" style="border-right: medium none; padding-right: 0.7pt; border-top: windowtext 1pt solid; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 24pt; padding-top: 0pt; border-bottom: windowtext 2.25pt double;">
                <div style="MARGIN: 6pt 0pt 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">1,578</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="7" style="border-right: medium none; padding-right: 0pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 5pt; padding-top: 0pt; border-bottom: windowtext 2.25pt double;">
                <div style="MARGIN: 6pt 0pt 0pt; TEXT-ALIGN: left" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">$</font></div>
              </td>
              <td valign="bottom" width="39" style="border-right: medium none; padding-right: 0.7pt; border-top: windowtext 1pt solid; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 29pt; padding-top: 0pt; border-bottom: windowtext 2.25pt double;">
                <div style="MARGIN: 6pt 0pt 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">17,361</font></div>
              </td>
              <td valign="bottom" width="2" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 1.7pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
            </tr>

        </table>
      </div>
      <div style="MARGIN: 0pt 0pt 12pt; LINE-HEIGHT: 1pt">&#160;</div>
      <div style="MARGIN: 0pt 0pt 6pt; TEXT-INDENT: 20pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">The
        Company
        recorded as increases to additional paid-in capital approximately $93.9 million,
        $1.7 million and $10.0 million of tax benefit from the exercise of stock
        options
        for the years ended December&#160;31, 2006, 2005 and 2004, respectively. As a
        result of legislation in New Jersey passed in 2002 an Alternative Minimum
        Assessment (AMA) tax is computed and may be applicable. This AMA tax impacted
        the Company&#8217;s tax provision for the year ended December&#160;31,
        2005.</font></div>
      <div style="MARGIN: 0pt 0pt 12pt; TEXT-INDENT: 20pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Reconciliations
        between the total tax provision and the tax provision based on the federal
        statutory rate are presented below: (in thousands)</font></div>
      <div align="center">
        <table border="0" cellpadding="0" cellspacing="0" style="BORDER-COLLAPSE: collapse">

            <tr style="page-break-inside: avoid;">
              <td valign="bottom" width="393" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 294.55pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
              </td>
              <td colspan="8" valign="bottom" width="192" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 143.7pt; padding-top: 0pt; border-bottom: windowtext 1pt solid;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center"><strong><font style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman" size="1">Year&#160;Ended&#160;December&#160;31,</font></strong></div>
              </td>
              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 4.65pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
              </td>
            </tr>
            <tr style="page-break-inside: avoid;">
              <td valign="bottom" width="393" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 294.55pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="57" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 42.85pt; padding-top: 0pt; border-bottom: windowtext 1pt solid;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center"><strong><font style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman" size="1">2006</font></strong></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="50" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 37.85pt; padding-top: 0pt; border-bottom: windowtext 1pt solid;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center"><strong><font style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman" size="1">2005</font></strong></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="52" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 39pt; padding-top: 0pt; border-bottom: windowtext 1pt solid;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center"><strong><font style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman" size="1">2004</font></strong></div>
              </td>
              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 4.65pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
              </td>
            </tr>
            <tr bgcolor="#cceeff" style="page-break-inside: avoid;">
              <td valign="top" width="393" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 294.55pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt 0pt 0pt 10pt; TEXT-INDENT: -10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Pre-tax
                  income</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="7" style="border-right: medium none; padding-right: 0pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 5pt; padding-top: 0pt; border-bottom: windowtext 1pt solid;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: left" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">$</font></div>
              </td>
              <td valign="bottom" width="50" style="border-right: medium none; padding-right: 0.7pt; border-top: windowtext 1pt solid; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 37.85pt; padding-top: 0pt; border-bottom: windowtext 1pt solid;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">320,320</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="7" style="border-right: medium none; padding-right: 0pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 5pt; padding-top: 0pt; border-bottom: windowtext 1pt solid;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: left" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">$</font></div>
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              <td valign="bottom" width="44" style="border-right: medium none; padding-right: 0.7pt; border-top: windowtext 1pt solid; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 32.85pt; padding-top: 0pt; border-bottom: windowtext 1pt solid;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">88,074</font></div>
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                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="7" style="border-right: medium none; padding-right: 0pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 5pt; padding-top: 0pt; border-bottom: windowtext 1pt solid;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: left" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">$</font></div>
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              <td valign="bottom" width="45" style="border-right: medium none; padding-right: 0.7pt; border-top: windowtext 1pt solid; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 34pt; padding-top: 0pt; border-bottom: windowtext 1pt solid;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">131,014</font></div>
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              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 4.65pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
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            <tr style="page-break-inside: avoid;">
              <td valign="top" width="393" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 294.55pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt 0pt 0pt 10pt; TEXT-INDENT: -10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Tax
                  provision
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              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="57" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 42.85pt; padding-top: 0pt; border-bottom: medium none;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">112,112</font></div>
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="50" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 37.85pt; padding-top: 0pt; border-bottom: medium none;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">30,826</font></div>
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="52" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 39pt; padding-top: 0pt; border-bottom: medium none;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">45,855</font></div>
              </td>
              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 4.65pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
            </tr>
            <tr bgcolor="#cceeff" style="page-break-inside: avoid;">
              <td valign="top" width="393" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 294.55pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt 0pt 0pt 10pt; TEXT-INDENT: -10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">State
                  and
                  local income taxes (net of federal benefit)</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="57" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 42.85pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">5,159</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="50" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 37.85pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">338</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="52" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 39pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">8,005</font></div>
              </td>
              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 4.65pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
            </tr>
            <tr style="page-break-inside: avoid;">
              <td valign="top" width="393" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 294.55pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt 0pt 0pt 10pt; TEXT-INDENT: -10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Change
                  in
                  valuation allowance</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="57" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 42.85pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">(161,095</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">)</font></div>
              </td>
              <td colspan="2" valign="bottom" width="50" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 37.85pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">(28,418</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">)</font></div>
              </td>
              <td colspan="2" valign="bottom" width="52" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 39pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">(33,023</font></div>
              </td>
              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 4.65pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">)</font></div>
              </td>
            </tr>
            <tr bgcolor="#cceeff" style="page-break-inside: avoid;">
              <td valign="top" width="393" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 294.55pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt 0pt 0pt 10pt; TEXT-INDENT: -10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Research
                  and
                  development credits</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="57" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 42.85pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">(5,989</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">)</font></div>
              </td>
              <td colspan="2" valign="bottom" width="50" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 37.85pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">(4,331</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">)</font></div>
              </td>
              <td colspan="2" valign="bottom" width="52" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 39pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">(3,585</font></div>
              </td>
              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 4.65pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">)</font></div>
              </td>
            </tr>
            <tr style="page-break-inside: avoid;">
              <td valign="top" width="393" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 294.55pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt 0pt 0pt 10pt; TEXT-INDENT: -10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Non-deductible
                  expenses</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="57" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 42.85pt; padding-top: 0pt; border-bottom: windowtext 1pt solid;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">(541</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0.375pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">)</font></div>
              </td>
              <td colspan="2" valign="bottom" width="50" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 37.85pt; padding-top: 0pt; border-bottom: windowtext 1pt solid;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">3,163</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="52" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 39pt; padding-top: 0pt; border-bottom: windowtext 1pt solid;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">109</font></div>
              </td>
              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 4.65pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
            </tr>
            <tr bgcolor="#cceeff" style="page-break-inside: avoid;">
              <td valign="top" width="393" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 294.55pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt 0pt 0pt 10pt; TEXT-INDENT: -10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">(Benefit)
                  provision for income taxes</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="7" style="border-right: medium none; padding-right: 0pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 5pt; padding-top: 0pt; border-bottom: windowtext 2.25pt double;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: left" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">$</font></div>
              </td>
              <td valign="bottom" width="50" style="border-right: medium none; padding-right: 0.7pt; border-top: windowtext 1pt solid; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 37.85pt; padding-top: 0pt; border-bottom: windowtext 2.25pt double;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">(50,354</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 2.25pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">)</font></div>
              </td>
              <td valign="bottom" width="7" style="border-right: medium none; padding-right: 0pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 5pt; padding-top: 0pt; border-bottom: windowtext 2.25pt double;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: left" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">$</font></div>
              </td>
              <td valign="bottom" width="44" style="border-right: medium none; padding-right: 0.7pt; border-top: windowtext 1pt solid; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 32.85pt; padding-top: 0pt; border-bottom: windowtext 2.25pt double;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">1,578</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="7" style="border-right: medium none; padding-right: 0pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 5pt; padding-top: 0pt; border-bottom: windowtext 2.25pt double;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: left" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">$</font></div>
              </td>
              <td valign="bottom" width="45" style="border-right: medium none; padding-right: 0.7pt; border-top: windowtext 1pt solid; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 34pt; padding-top: 0pt; border-bottom: windowtext 2.25pt double;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">17,361</font></div>
              </td>
              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 4.65pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
            </tr>

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          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">F-36</font></div>
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    <div>
      <div style="FONT-WEIGHT: bold; MARGIN: 0pt 0pt 24pt; LINE-HEIGHT: 16pt; TEXT-ALIGN: center"><strong><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">IMCLONE
        SYSTEMS
        INCORPORATED<br>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
        (Continued)</font></strong></div>
      <div style="MARGIN: 0pt 0pt 6pt; TEXT-INDENT: 20pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">The
        tax effects of
        temporary differences that give rise to significant portions of the gross
        deferred tax assets and gross deferred tax liabilities are presented below:
        (in&#160;thousands)</font></div>
      <div align="center">
        <table border="0" cellpadding="0" cellspacing="0" style="BORDER-COLLAPSE: collapse">

            <tr style="page-break-inside: avoid;">
              <td valign="bottom" width="454" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 340.7pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
              </td>
              <td colspan="5" valign="bottom" width="130" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 97.7pt; padding-top: 0pt; border-bottom: windowtext 1pt solid;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center"><strong><font style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman" size="1">December&#160;31,</font></strong></div>
              </td>
              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 4.65pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
              </td>
            </tr>
            <tr style="page-break-inside: avoid;">
              <td valign="bottom" width="454" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 340.7pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="57" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 42.85pt; padding-top: 0pt; border-bottom: windowtext 1pt solid;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center"><strong><font style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman" size="1">2006</font></strong></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="57" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 42.85pt; padding-top: 0pt; border-bottom: windowtext 1pt solid;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center"><strong><font style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman" size="1">2005</font></strong></div>
              </td>
              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 4.65pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
              </td>
            </tr>
            <tr bgcolor="#cceeff" style="page-break-inside: avoid;">
              <td valign="top" width="454" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 340.7pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt 0pt 0pt 10pt; TEXT-INDENT: -10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Gross
                  deferred tax assets:</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="57" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 42.85pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="57" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 42.85pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 4.65pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
            </tr>
            <tr style="page-break-inside: avoid;">
              <td valign="top" width="454" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 340.7pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt 0pt 0pt 20pt; TEXT-INDENT: -10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Research
                  and
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              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="7" style="padding-right: 0pt; padding-left: 0pt; padding-bottom: 0pt; width: 5pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: left" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">$</font></div>
              </td>
              <td valign="bottom" width="50" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 37.85pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">73,619</font></div>
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="7" style="padding-right: 0pt; padding-left: 0pt; padding-bottom: 0pt; width: 5pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: left" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">$</font></div>
              </td>
              <td valign="bottom" width="50" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 37.85pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">77,012</font></div>
              </td>
              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 4.65pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
            </tr>
            <tr bgcolor="#cceeff" style="page-break-inside: avoid;">
              <td valign="top" width="454" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 340.7pt; padding-top: 0pt;">
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                  relating to the issuance of stock options and warrants</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="57" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 42.85pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">3,413</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="57" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 42.85pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">894</font></div>
              </td>
              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 4.65pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
            </tr>
            <tr style="page-break-inside: avoid;">
              <td valign="top" width="454" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 340.7pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt 0pt 0pt 20pt; TEXT-INDENT: -10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Net
                  operating
                  loss carryforwards</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="57" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 42.85pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">49,614</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="57" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 42.85pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">173,096</font></div>
              </td>
              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 4.65pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
            </tr>
            <tr bgcolor="#cceeff" style="page-break-inside: avoid;">
              <td valign="top" width="454" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 340.7pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt 0pt 0pt 20pt; TEXT-INDENT: -10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Deferred
                  revenue</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="57" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 42.85pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">156,118</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="57" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 42.85pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">142,135</font></div>
              </td>
              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 4.65pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
            </tr>
            <tr style="page-break-inside: avoid;">
              <td valign="top" width="454" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 340.7pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt 0pt 0pt 20pt; TEXT-INDENT: -10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Withholding
                  tax liability</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="57" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 42.85pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">&#8212;</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="57" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 42.85pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">9,422</font></div>
              </td>
              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 4.65pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
            </tr>
            <tr bgcolor="#cceeff" style="page-break-inside: avoid;">
              <td valign="top" width="454" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 340.7pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt 0pt 0pt 20pt; TEXT-INDENT: -10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Capital
                  loss
                  carryforward</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="57" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 42.85pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">3,909</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="57" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 42.85pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">3,761</font></div>
              </td>
              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 4.65pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
            </tr>
            <tr style="page-break-inside: avoid;">
              <td valign="top" width="454" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 340.7pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt 0pt 0pt 20pt; TEXT-INDENT: -10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Other</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="57" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 42.85pt; padding-top: 0pt; border-bottom: windowtext 1pt solid;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">12,218</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="57" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 42.85pt; padding-top: 0pt; border-bottom: windowtext 1pt solid;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">10,470</font></div>
              </td>
              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 4.65pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
            </tr>
            <tr bgcolor="#cceeff" style="page-break-inside: avoid;">
              <td valign="top" width="454" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 340.7pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt 0pt 0pt 10pt; TEXT-INDENT: -10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Total
                  gross
                  deferred tax assets</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="57" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 42.85pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">298,891</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="57" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 42.85pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">416,790</font></div>
              </td>
              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 4.65pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
            </tr>
            <tr style="page-break-inside: avoid;">
              <td valign="top" width="454" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 340.7pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt 0pt 0pt 20pt; TEXT-INDENT: -10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Less
                  valuation allowance</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="57" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 42.85pt; padding-top: 0pt; border-bottom: windowtext 1pt solid;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">(133,589</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0.375pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">)</font></div>
              </td>
              <td colspan="2" valign="bottom" width="57" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0pt; padding-bottom: 0pt; border-left: medium none; width: 42.85pt; padding-top: 0pt; border-bottom: windowtext 1pt solid;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">(415,510</font></div>
              </td>
              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0.375pt; width: 4.65pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">)</font></div>
              </td>
            </tr>
            <tr bgcolor="#cceeff" style="page-break-inside: avoid;">
              <td valign="top" width="454" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 340.7pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt 0pt 0pt 20pt; TEXT-INDENT: -10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Net
                  deferred
                  tax assets</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="57" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 42.85pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">165,302</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="57" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 42.85pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">1,280</font></div>
              </td>
              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 4.65pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
            </tr>
            <tr style="page-break-inside: avoid;">
              <td valign="top" width="454" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 340.7pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt 0pt 0pt 10pt; TEXT-INDENT: -10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Gross
                  deferred tax liabilities:</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="57" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 42.85pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="57" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 42.85pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 4.65pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
            </tr>
            <tr bgcolor="#cceeff" style="page-break-inside: avoid;">
              <td valign="top" width="454" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 340.7pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt 0pt 0pt 20pt; TEXT-INDENT: -10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Other</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="57" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 42.85pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">3,538</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="57" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 42.85pt; padding-top: 0pt;">
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
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                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">153,748</font></div>
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                <div style="MARGIN: 0pt; TEXT-ALIGN: left" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">$</font></div>
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      <div style="MARGIN: 0pt 0pt 12pt; LINE-HEIGHT: 1pt">&#160;</div>
      <div style="MARGIN: 0pt 0pt 6pt; TEXT-INDENT: 20pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">In
        2006, the
        Company released a portion of its valuation allowance against our total deferred
        tax assets. This partial release was based on revised expectations of projected
        book and taxable income, which caused the Company to conclude that it is
        more
        likely than not that a portion of the benefit of these deferred tax assets
        would
        be realized. This release resulted in a net tax benefit of approximately
        $111.3
        million. The financial projections supporting our conclusion to release a
        portion of our valuation allowance contain significant assumptions based
        on
        current facts about our market share and our competitive landscape. If such
        assumptions were to differ significantly, it may have a material impact on
        our
        ability to realize our deferred tax assets. The Company will continue to
        monitor
        its current performance and future financial projections, including market
        share
        and competitive landscape, in order to determine the effect on the valuation
        allowance.</font></div>
      <div style="MARGIN: 0pt 0pt 6pt; TEXT-INDENT: 20pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">The
        net change in
        the total valuation allowance for the years ended December&#160;31, 2006, 2005
        and 2004 were decreases of approximately $281.9 million, $14.6 million and
        $2.7
        million, respectively. Approximately $120.7 million of the total valuation
        allowance pertains to tax deductions relating to stock option exercises for
        which any subsequently recognized tax benefit will be recorded as an increase
        to
        additional paid-in capital.</font></div>
      <div style="MARGIN: 0pt 0pt 6pt; TEXT-INDENT: 20pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">At
        December&#160;31, 2006, the Company had net operating loss carryforwards for
        federal and certain state income tax purposes of approximately $124.0 million,
        which expire at various dates from 2010 through 2025. At December&#160;31, 2006,
        the Company had research credit carryforwards for federal and New Jersey
        state
        purposes of $49.6 million and $14.5 million, respectively, and federal
        alternative minimum tax credits of $9.4 million. The federal and state research
        credits expire at various dates from 2007 through 2026. The American Jobs
        Creation Act of 2004 provides for a tax deduction up to 9% (when fully phased
        in) of qualified production activities income. This deduction does not yet
        provide any material benefit to the Company.</font></div>
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      <div style="FONT-WEIGHT: bold; MARGIN: 0pt 0pt 24pt; LINE-HEIGHT: 16pt; TEXT-ALIGN: center"><strong><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">IMCLONE
        SYSTEMS
        INCORPORATED<br>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
        (Continued)</font></strong></div>
      <div style="FONT-WEIGHT: bold; FONT-SIZE: 10pt; MARGIN: 0pt 0pt 6pt 10pt; TEXT-INDENT: -10pt; FONT-FAMILY: Times New Roman"><strong><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">(13)
        </font></strong>Discontinuation of Small Molecule Program</div>
      <div style="MARGIN: 0pt 0pt 6pt; TEXT-INDENT: 20pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">On
        May&#160;11,
        2005, the Company announced a plan to discontinue its small molecule research
        program. This decision was made after evaluating the Company&#8217;s investment in
        such program against the time horizon before commercial benefits would be
        realized. As a result of this decision, the Company reflected $6.2 million
        of
        costs associated with the discontinuation of this program in the Consolidated
        Statements of Operations for the year ended December&#160;31, 2005. Such costs
        included approximately $2.2 million of costs related to severance for 45
        employees that were terminated, approximately $3.7 million of costs related
        to
        the write-off of fixed assets used in such program (shown net of $227,000
        from
        the subsequent sale of equipment that was previously written off as part
        of this
        discontinuance), approximately $60,000 of contract termination costs related
        to
        the cancellation of the lease at the Brooklyn facility where the employees
        were
        conducting such research and approximately $282,000 of other shutdown expenses.
        The Company had no additional other shutdown expenses and paid the
        remaining&#160; amount of $12,000 that was accrued at December&#160;31, 2005
        during the year ended December&#160;31, 2006 to complete the disposition of this
        program.</font></div>
      <div style="FONT-WEIGHT: bold; MARGIN: 0pt 0pt 6pt 10pt; TEXT-INDENT: -10pt"><strong><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">(14)
        Contingencies</font></strong></div>
      <div style="MARGIN: 0pt 0pt 6pt; TEXT-INDENT: 20pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">In
        January&#160;2002, a number of complaints asserting claims under the federal
        securities laws against the Company and certain of the Company&#8217;s directors and
        officers were filed in the U.S. District Court for the Southern District
        of New
        York. Those actions were consolidated under the caption Irvine v. ImClone
        Systems Incorporated, et al., No.&#160;02 Civ. 0109 (RO). In the corrected
        consolidated amended complaint, plaintiffs asserted claims against the Company,
        its former President and Chief Executive Officer, Dr.&#160;Samuel D. Waksal, its
        former Chief Scientific Officer and then-President and Chief Executive Officer,
        Dr.&#160;Harlan W. Waksal, and several of the Company&#8217;s other present or former
        officers and directors, for securities fraud under sections 10(b)&#160;and
        20(a)&#160;of the Securities Exchange Act of 1934 and Securities and Exchange
        Commission Rule&#160;10b-5, on behalf of a purported class of persons who
        purchased the Company&#8217;s publicly traded securities between March&#160;27, 2001
        and January&#160;25, 2002. The complaint also asserted claims against
        Dr.&#160;Samuel D. Waksal under section&#160;20A of the Exchange Act on behalf
        of a separate purported sub-class of purchasers of the Company&#8217;s securities
        between December&#160;27, 2001 and December&#160;28, 2001. The complaint sought
        to proceed on behalf of the alleged classes described above, sought monetary
        damages in an unspecified amount and sought recovery of plaintiffs&#8217; costs and
        attorneys&#8217; fees. On January&#160;24, 2005, the Company announced that it had
        reached an agreement in principle to settle the consolidated class action
        for a
        cash payment of $75.0&#160;million, a portion of which would be paid by the
        Company&#8217;s insurers. Therefore, the Company recorded in its Consolidated Balance
        Sheet as of December&#160;31, 2004, as Litigation settlement, a liability
        of&#160; approximately $75.9 million and a receivable from our insurers of
        approximately $20.5 million, included in Other assets. Net expense of
        approximately $55.4 million was recorded in the fourth quarter of 2004 and
        reflected in the Consolidated Statement of Operations as Litigation settlement.
        The parties signed a definitive stipulation of settlement and as provided
        for
        under the stipulation of settlement, on March&#160;11, 2005, the Company paid
        $50.0 million into an escrow account, subject to Court approval of the proposed
        settlement. On July&#160;29, 2005 the Court approved the proposed settlement and
        on August&#160;5, 2005, the Company paid the remaining $25.0 million into the
        escrow account, with such funds to be held in and distributed pursuant to
        the
        terms of the settlement. The Company has collected from its insurers all
        of the
        outstanding receivable amounting to $20.5 million. The amount received from
        the
        insurers includes $8.75 million, less attorneys fees of $875,000, that was
        paid
        to the Company under the derivative settlement discussed below.</font></div>
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      <div style="FONT-WEIGHT: bold; MARGIN: 0pt 0pt 24pt; LINE-HEIGHT: 16pt; TEXT-ALIGN: center"><strong><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">IMCLONE
        SYSTEMS
        INCORPORATED<br>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
        (Continued)</font></strong></div>
      <div style="MARGIN: 0pt 0pt 6pt; TEXT-INDENT: 20pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">On
        January&#160;13,
        2002, and continuing thereafter, nine separate purported shareholder derivative
        actions were filed against members of the Company&#8217;s board of directors, certain
        of the Company&#8217;s present and former officers, and the Company, as nominal
        defendant, advancing claims based on allegations similar to the allegations
        in
        the federal securities class action complaints. Four of these derivative
        cases
        were filed in the Delaware Court of Chancery and have been consolidated in
        that
        court under the caption In re ImClone Systems Incorporated Derivative
        Litigation, Cons. C.A. No.&#160;19341-NC. Three of these derivative actions were
        filed in New York State Supreme Court in Manhattan. All of these state court
        actions have been stayed in deference to the proceedings in the U.S. District
        Court for the Southern District of New York, which have been consolidated
        under
        the caption In re ImClone Systems,&#160;Inc. Shareholder Derivative Litigation,
        Master File No.&#160;02 CV 163 (RO). A supplemental verified consolidated
        amended derivative complaint in these consolidated federal actions was filed
        on
        August&#160;8, 2003. It asserted, purportedly on behalf of the Company, claims
        including breach of fiduciary duty by certain current and former members
        of the
        Company&#8217;s board of directors, among others, based on allegations &#160;including
        that they failed to ensure that the Company&#8217;s disclosures relating to the
        regulatory and marketing prospects for ERBITUX were not misleading and that
        they
        failed to maintain adequate controls and to exercise due care with regard
        to the
        Company&#8217;s ERBITUX application to the FDA. On January&#160;24, 2005, the Company
        announced that it had reached an agreement in principle to settle the
        consolidated derivative action. The parties entered into a definitive
        stipulation of settlement on March&#160;14, 2005, which was approved by the
        Court on July&#160;29, 2005. In August&#160;2005, the Company received $8.75
        million from its insurers, which was contributed toward the settlement of
        the
        Irvine securities class action described above, after deducting $875,000
        for
        Court awarded plaintiffs&#8217; attorney&#8217;s fees and expenses. Following Court approval
        of the settlement of the consolidated derivative action, all of the state
        court
        derivative actions that had been pending in Delaware and New York were dismissed
        with prejudice, with no further payment required by the Company.</font></div>
      <div style="MARGIN: 0pt 0pt 6pt; TEXT-INDENT: 20pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">On
        August&#160;14,
        2002, after the federal grand jury indictment of Dr.&#160;Samuel D. Waksal had
        been issued but before Dr.&#160;Samuel D. Waksal&#8217;s guilty plea to certain counts
        of that indictment, the Company filed an action in New York State Supreme
        Court
        seeking recovery of certain compensation, including advancement of certain
        defense costs, that the Company had paid to or on behalf of
        Dr.&#160;Samuel&#160;D. Waksal and cancellation of certain stock options. That
        action was styled ImClone Systems Incorporated v. Samuel&#160;D. Waksal, Index
        No.&#160;02/602996. On July&#160;25, 2003, Dr.&#160;Samuel D. Waksal filed a
        Motion to Compel Arbitration seeking to have all claims in connection with
        the
        Company&#8217;s action against him resolved in arbitration. By order dated
        September&#160;19, 2003, the Court granted Dr.&#160;Samuel D. Waksal&#8217;s motion
        and the action was stayed pending arbitration. On September&#160;25, 2003,
        Dr.&#160;Samuel D. Waksal submitted a Demand for Arbitration with the American
        Arbitration Association (the &#8220;AAA&#8221;), by which Dr.&#160;Samuel&#160;D. Waksal
        asserted claims to enforce the terms of his separation agreement, including
        provisions relating to advancement of legal fees, expenses, interest and
        indemnification, for which Dr.&#160;Samuel&#160;D. Waksal claimed unspecified
        damages of at least $10.0&#160;million. On March&#160;10, 2004, the Company
        commenced a second action against Dr.&#160;Samuel D. Waksal in the New York
        State Supreme Court. That action was styled ImClone Systems Incorporated
        v.
        Samuel D. Waksal, Index No.&#160;04/600643. Specifically, by this action, the
        Company sought to recover: (a)&#160;$4.5&#160;million that the Company paid to
        the State of New York in respect of exercises of non-qualified stock options
        and
        certain warrants in 2000; (b)&#160;at least $16.6&#160;million that the Company
        paid to Samuel D. Waksal in the form of ImClone common stock, in lieu of
        withholding federal income taxes from exercises of non-qualified stock options
        and certain warrants in 2000; and (c)&#160; approximately $1.1&#160;million that
        the Company paid in the form of ImClone common stock to Samuel D. Waksal
        and his
        beneficiaries, in lieu of withholding federal, state and local </font></div>
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      <div style="FONT-WEIGHT: bold; MARGIN: 0pt 0pt 24pt; LINE-HEIGHT: 16pt; TEXT-ALIGN: center"><strong><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">IMCLONE
        SYSTEMS
        INCORPORATED<br>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
        (Continued)</font></strong></div>
      <div style="MARGIN: 0pt 0pt 6pt; TEXT-INDENT: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">income
        taxes from
        certain warrant exercises in 1999-2001. The complaint asserted claims for
        unjust
        enrichment, common law indemnification, moneys had and received and constructive
        trust. On June&#160;18, 2004, Dr.&#160;Samuel D. Waksal filed an Answer to the
        Company&#8217;s Complaint.</font></div>
      <div style="MARGIN: 0pt 0pt 6pt; TEXT-INDENT: 20pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">On
        December&#160;21, 2005, the Company and Dr.&#160;Samuel D. Waksal entered into a
        settlement agreement with respect to the foregoing actions, providing for,
        among
        other things,&#160;judgments in both actions in the Company&#8217;s favor. The
        settlement agreement included the payment of director and officer legal fee
        expense indemnification by the Company, for which the Company paid approximately
        $2.0 million in the fourth quarter of 2005. The settlement agreement also
        provided for the return to the Company of 416,667 of stock options that were
        previously issued to Dr.&#160;Samuel D. Waksal. Such options were returned to
        the Company and were cancelled as of December&#160;31, 2005.</font></div>
      <div style="MARGIN: 0pt 0pt 6pt; TEXT-INDENT: 20pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">On
        October&#160;28,
        2003, a complaint was filed by Yeda Research and Development Company&#160;Ltd.
        (&#8220;Yeda&#8221;) against ImClone Systems and Aventis Pharmaceuticals,&#160;Inc. in the
        U.S. District Court for the Southern District of New York (03 CV 8484). This
        action did not seek damages, but rather alleged that three individuals
        associated with Yeda should also be named as co-inventors on U.S. Patent
        No.&#160;6,217,866, which relates to the therapeutic use of EGFR antibodies
        (such as ERBITUX, the Company&#8217;s EGFR antibody product) in combination with
        chemotherapy. The Company has exclusively licensed this patent from
        Rhone-Poulenc Rorer Pharmaceuticals, now known as Sanofi-Aventis. On
        June&#160;7, 2005, Yeda amended its U.S. complaint to seek sole inventorship of
        the subject patent. On November&#160;4, 2005, the Court denied the Company&#8217;s
        motion for summary judgment with respect to this matter, as filed with the
        Court
        on June&#160;24, 2005. At the same time, the Court granted summary judgment to
        Yeda dismissing two of ImClone&#8217;s affirmative defenses. A bench trial on the
        merits of Yeda&#8217;s complaint was held between June&#160;5, 2006 and July&#160;19,
        2006. On September&#160;18, 2006, the Court ruled in favor of Yeda by awarding
        it sole inventorship rights to the patent. ImClone Systems then appealed
        the
        Court&#8217;s decision to the Court of Appeals for the Federal Circuit. The appeal was
        docketed on October&#160;5, 2006 (as No.&#160;2007-1012), and is in its early
        stages. The Company, having had the advice of its patent counsel, believes
        the
        positions raised on appeal are sound, and it plans to vigorously pursue this
        appeal.</font></div>
      <div style="MARGIN: 0pt 0pt 6pt; TEXT-INDENT: 20pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">On
        September&#160;20, 2006, subsequent to the Court&#8217;s inventorship decision, the
        Company also filed an action (06 CV 7190) against Yeda in the U.S. District
        Court for the Southern District of New York seeking a declaratory judgment
        that
        the patent is invalid due to the removal of the originally named inventors.
        On
        October&#160;31, 2006, Yeda filed an answer and counterclaim to the Company&#8217;s
        declaratory judgment complaint in which Yeda alleges the Company is liable
        to
        Yeda for willful patent infringement, unjust enrichment and conversion, and
        seeks damages from the Company and an order requiring the Company to license
        the
        patent and pay Yeda royalties until the patent expires. The declaratory judgment
        action is in its early stages. The Company,&#160; having had the advice of its
        patent counsel, believes that the claims asserted in the declaratory judgment
        action are sound, and that Yeda&#8217;s counterclaims are not sound, and it plans to
        vigorously pursue this action. The Company is unable to predict the outcome
        of
        these actions at this time. If the Company&#8217;s appeal is unsuccessful and Yeda&#8217;s
        sole inventorship rights to the patent are upheld and the Company is
        unsuccessful with respect to its declaratory judgment action, the Company
        may
        become obligated to pay Yeda a royalty and may be liable to Yeda for other
        damages.</font></div>
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      <div style="FONT-WEIGHT: bold; MARGIN: 0pt 0pt 24pt; LINE-HEIGHT: 16pt; TEXT-ALIGN: center"><strong><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">IMCLONE
        SYSTEMS
        INCORPORATED<br>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
        (Continued)</font></strong></div>
      <div style="MARGIN: 0pt 0pt 3.5pt; TEXT-INDENT: 20pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">On
        March&#160;25,
        2004, an action was filed in the United Kingdom Patent Office entitled
        Referrer&#8217;s Statement requesting transfer of co-ownership and amendment of patent
        EP (UK) 0 667 165 to add three Yeda employees as inventors. Also on
        March&#160;25, 2004, a German action entitled Legal Action was filed in the
        Munich District Court I, Patent Litigation Division, in which Yeda sought
        a 75%
        ownership interest in patent EP (DE) 0 667 165 based on its allegation that
        the
        inventorship on that patent was incorrect. The Company was not named as a
        party
        in these actions which relate to the European equivalent of U.S. Patent
        No.&#160;6,217,866 discussed above. Accordingly, the Company has intervened in
        the U.K. and German actions. Yeda sought to amend its pleadings in the United
        Kingdom and Germany to seek sole inventorship and sole ownership. Following
        hearings, both the U.K. and German courts held that Yeda was not entitled
        to
        amend its pleadings. In the U.K., Yeda sought leave from the House of Lords
        to
        appeal the High Court&#8217;s decision, and such leave was granted in
        November&#160;2006. In Germany, Yeda has appealed the lower court&#8217;s decision to
        the Higher Regional Court of Munich. Additionally, on or about March&#160;25,
        2005 and March&#160;29, 2005, respectively, Yeda filed legal actions in Austria
        and France against both Aventis and ImClone Systems seeking full inventorship
        of
        EP (AU) 0 667 165 and EP (FR) 0 667 165, as well as payment of legal costs
        and
        fees. The Company, having had the advice of its patent counsel, believes
        there
        are sound defenses to these actions, and it presently plans to vigorously
        defend
        against the claims asserted. The Company is unable to predict the outcome
        of
        these actions at this time. In addition, in December 2002, Opposition
        Proceedings seeking to revoke the European patent discussed above were brought
        by the Scripps Research Institute, Amgen Inc., Abgenix, Inc., and YM Biosciences
        Inc. An Opposition Proceeding is an administrative process, the outcome of
        which
        may be that the European patent will be revoked. The Company has vigorously
        defended its position in this matter, which is suspended pending a final
        determination of the Yeda matter discussed above.</font></div>
      <div style="MARGIN: 0pt 0pt 3.5pt; TEXT-INDENT: 20pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">On
        May&#160;4,
        2004, a complaint was filed against the Company by Massachusetts Institute
        of
        Technology (&#8220;MIT&#8221;) and Repligen Corporation (&#8220;Repligen&#8221;) in the U.S. District
        Court for the District of Massachusetts (04-10884 RGS). This action alleges
        that
        ERBITUX infringes U.S. Patent No.&#160;4,663,281, which is owned by MIT and
        exclusively licensed to Repligen and that the Company should therefore pay
        damages. On July&#160;28, 2006, the Court denied the Company&#8217;s motion for
        summary judgment seeking to dismiss all claims on the basis that the patent
        rights at issue were exhausted as a matter of law and granted MIT and Repligen&#8217;s
        cross motion that their patent rights were not exhausted. On September&#160;26,
        2006, a hearing was held in response to a Motion for Sanctions filed by
        Repligen, which alleged that the Company&#8217;s counsel, Kenyon&#160;&amp; Kenyon,
        and the Company acted improperly during and after the deposition of one of
        Repligen&#8217;s potential witnesses. Repligen seeks evidentiary sanctions which may
        limit the Company&#8217;s proofs on non-infringement issues, and the Court has raised
        the possibility that Kenyon&#160;&amp; Kenyon may be disqualified from further
        representation of the Company in the case. The Company and Kenyon&#160;&amp;
Kenyon deny any improper conduct. The Court has not ruled on the motion,
        and it
        is not possible to predict what impact, if any, this collateral matter may
        have
        in the case. Upon a ruling by the Court, the case will proceed to trial on
        the
        merits of the Company&#8217;s other defenses. The Company, having had the advice of
        its patent counsel, believes that its defenses are sound, and it presently
        plans
        to vigorously defend against the claims asserted.</font></div>
      <div style="MARGIN: 0pt 0pt 3.5pt; TEXT-INDENT: 20pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">On
        February&#160;5,
        2007, a complaint was filed against the Company by Abbott Laboratories
        (&#8220;Abbott&#8221;) in the U.S. District Court for the District of Massachusetts
        (07-cv-10216). This action alleges that the manufacture and sale of ERBITUX
        infringes U.S. Patent No, 5,665,578, which is owned by Abbott and that the
        Company should therefore pay damages. As of this time, the Company has not
        yet
        filed an answer to this complaint. The Company plans to vigorously defend
        against any claims asserted in this action. The Company is unable to predict
        the
        outcome of this action at the present time.</font></div>
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      <div style="FONT-WEIGHT: bold; MARGIN: 0pt 0pt 24pt; LINE-HEIGHT: 16pt; TEXT-ALIGN: center"><strong><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">IMCLONE
        SYSTEMS
        INCORPORATED<br>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
        (Continued)</font></strong></div>
      <div style="MARGIN: 0pt 0pt 3.5pt; TEXT-INDENT: 20pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">No
        reserve has been
        established in the financial statements for any of the intellectual
        property-related legal proceedings described above because the Company does
        not
        believe that such a reserve is required to be established at this time under
        Statement of Financial Accounting Standards No.&#160;5. However, if in a future
        period, events in any such legal proceedings render it probable that a loss
        will
        be incurred and if such loss is reasonably estimable at that time, the Company
        will establish such a reserve. Thus, it is possible that legal proceedings
        and
        settlements arising therefrom, if any, may have a material adverse impact
        on
        operating results for that period, on our balance sheet or both.</font></div>
      <div style="MARGIN: 0pt 0pt 9.5pt; TEXT-INDENT: 20pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">The
        Company is
        developing a fully-human monoclonal antibody, referred to as IMC-11F8. The
        Company believes it has the right to do so under its existing development
        and
        license agreement with Merck KGaA. However, Merck KGaA had advised the Company
        that it believed that IMC-11F8 was covered under the development and license
        agreement with Merck KGaA and that it could therefore have the exclusive
        rights
        to market IMC-11F8 outside the United States and Canada and co-exclusive
        development rights in Japan, for which it would pay the same royalty as it
        pays
        for ERBITUX&#160; (see Note 10- Corporate Collaborations&#8212;Collaborations with
        Merck KGaA). In agreement with Merck KGaA, the Company submitted this dispute to
        binding arbitration through an expedited process outside of the provisions
        of
        the development and license agreement. Merck KGaA subsequently took the position
        that the expedited arbitration provision was no longer valid and the Company
        sued Merck KGaA in federal court in the Southern District of New York to
        either
        enforce the arbitration provision previously agreed to or to have the court
        decide the question of whether IMC-11F8 is or is not covered under the
        development and license agreement with Merck KGaA. On November&#160;29, 2005,
        the Court granted the Company&#8217;s motion to enforce the expedited arbitration
        provision previously agreed to, and subsequently appointed a new arbitrator
        to
        hear and decide this dispute. On March&#160;31, 2006, the arbitrator decided the
        matter in favor of the Company, finding that Merck KGaA had no rights to
        IMC-11F8. That decision is binding and unappealable pursuant to the parties&#8217;
arbitration agreement and the parties have subsequently confirmed the
        arbitration award.</font></div>
      <div style="FONT-WEIGHT: bold; MARGIN: 0pt 0pt 3.5pt 10pt; TEXT-INDENT: -10pt"><strong><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">(15)
        Commitments</font></strong></div>
      <div style="FONT-WEIGHT: bold; MARGIN: 0pt 0pt 3.5pt 10pt; TEXT-INDENT: -10pt; FONT-STYLE: italic"><strong><i><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Leases</font></i></strong></div>
      <div style="MARGIN: 0pt 0pt 3.5pt; TEXT-INDENT: 20pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">The
        Company leases
        office, operating and laboratory space under various operating lease agreements.
        The effects of scheduled and specified rent increases or any &#8220;rent holidays&#8221; are
        recognized on a straight-line basis over the lease term. Rent expense was
        approximately $5.7 million, $5.6 million and $4.0 million for the years ended
        December&#160;31, 2006, 2005 and 2004, respectively.</font></div>
      <div style="FONT-SIZE: 10pt; MARGIN: 0pt 0pt 3.5pt; TEXT-INDENT: 20pt; FONT-FAMILY: Times New Roman"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">In
        October&#160;2001, the Company entered into a sublease (the &#8220;Sublease&#8221;) for a
        four-story building at 325 Spring Street, New York, New York, which includes
        approximately 100,000 square feet of usable space. The Sublease has a term
        of 22
        years, followed by two five-year renewal option periods. In order to induce
        the
        sublandlord to enter into the Sublease, the Company made a loan to the
        sublandlord in the principal amount of a $10.0 million note receivable, of
        which
        approximately $8.4 million is outstanding as of December&#160;31, 2006. The loan
        is secured by a leasehold mortgage on the prime lease as well as a collateral
        assignment of rents by the sublandlord. The loan is payable by the sublandlord
        over 20 years and bears interest at 5</font><font style="FONT-SIZE: 6pt; POSITION: relative; TOP: -3pt" size="1">1</font><font style="FONT-FAMILY: Symbol">&#164;</font><font style="FONT-SIZE: 6pt" size="1">2</font>
        % in years one through five, 6<font style="FONT-SIZE: 6pt; POSITION: relative; TOP: -3pt" size="1">1</font><font style="FONT-FAMILY: Symbol">&#164;</font><font style="FONT-SIZE: 6pt" size="1">2</font>%
        in years six through ten, 7<font style="FONT-SIZE: 6pt; POSITION: relative; TOP: -3pt" size="1">1</font><font style="FONT-FAMILY: Symbol">&#164;</font><font style="FONT-SIZE: 6pt" size="1">2</font>
        % in years eleven through fifteen and 8<font style="FONT-SIZE: 6pt; POSITION: relative; TOP: -3pt" size="1">1</font><font style="FONT-FAMILY: Symbol">&#164;</font><font style="FONT-SIZE: 6pt" size="1">2</font>
        % in years sixteen through twenty. In addition, the Company paid the owner
        a
        consent fee in the amount of $500,000. Effective March&#160;1, 2005, the Company
        amended the Sublease to add an additional 6,500 square feet of space upon
        all
        the same terms and conditions set forth in the Sublease. In connection with
        this
        amendment, the Company paid an up-front fee of approximately $1.7 </div>
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      <div style="FONT-WEIGHT: bold; MARGIN: 0pt 0pt 24pt; LINE-HEIGHT: 16pt; TEXT-ALIGN: center"><strong><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">IMCLONE
        SYSTEMS
        INCORPORATED<br>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
        (Continued)</font></strong></div>
      <div style="MARGIN: 0pt 0pt 3.5pt; TEXT-INDENT: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">million
        which is
        being amortized, as a reduction in lease expense, over the respective term
        of
        the Sublease. The future minimum lease payments remaining at December&#160;31,
        2006, are approximately $46.5 million.</font></div>
      <div style="MARGIN: 0pt 0pt 3.5pt; TEXT-INDENT: 20pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">The
        Company leases
        its research and corporate headquarters in New York City. In August&#160;2004,
        the Company modified its existing operating lease for its corporate headquarters
        in New York City. The modification extends the term of the lease, which was
        to
        expire at December&#160;31, 2004, for an additional ten years for a portion of
        the premises and by an additional three years with renewal rights for the
        space
        that houses its research department. The future minimum lease payments remaining
        at December&#160;31, 2006, are approximately $8.4 million.</font></div>
      <div style="MARGIN: 0pt 0pt 3.5pt; TEXT-INDENT: 20pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">In
        June&#160;2004,
        the Company entered into an operating lease for a building located at 59-61
        ImClone Drive in Branchburg, New Jersey. The building contains 54,247 square
        feet of floor area. The lease expires on December&#160;31, 2022 with no option
        to renew or extend beyond such date. The future minimum lease payments at
        December&#160;31, 2006, are approximately $9.8 million.</font></div>
      <div style="MARGIN: 0pt 0pt 3.5pt; TEXT-INDENT: 20pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">In
        August&#160;2005, the Company entered into an operating lease for a portion of a
        building located at 41A ImClone Drive in Branchburg, New Jersey. The Company
        is
        leasing 10,704 square feet of floor area. The lease expires on August&#160;31,
        2010, with two options to renew for five additional years each. The future
        minimum lease payments at December&#160;31, 2006, are $412,000.</font></div>
      <div style="MARGIN: 0pt 0pt 9.5pt; TEXT-INDENT: 20pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Future
        minimum
        lease payments under all of the Company&#8217;s operating leases are as follows:
        (in&#160;thousands)</font></div>
      <div align="center">
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                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: left" align="left"><strong><font style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman" size="1">Year&#160;ending&#160;December&#160;31,</font></strong></div>
              </td>
              <td valign="bottom" width="7" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 5pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
              </td>
              <td valign="bottom" width="309" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 231.75pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="45" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 34pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
              </td>
              <td valign="bottom" width="2" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 1.7pt; padding-top: 0pt;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
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              <td colspan="3" valign="top" width="438" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 328.35pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt 0pt 0pt 20pt; TEXT-INDENT: -10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">2007</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="7" style="padding-right: 0pt; padding-left: 0pt; padding-bottom: 0pt; width: 5pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: left" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">$</font></div>
              </td>
              <td valign="bottom" width="39" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 29pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">5,411</font></div>
              </td>
              <td valign="bottom" width="2" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 1.7pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
            </tr>
            <tr style="page-break-inside: avoid;">
              <td colspan="3" valign="top" width="438" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 328.35pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt 0pt 0pt 20pt; TEXT-INDENT: -10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">2008</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="45" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 34pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">4,253</font></div>
              </td>
              <td valign="bottom" width="2" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 1.7pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
            </tr>
            <tr bgcolor="#cceeff" style="page-break-inside: avoid;">
              <td colspan="3" valign="top" width="438" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 328.35pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt 0pt 0pt 20pt; TEXT-INDENT: -10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">2009</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="45" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 34pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">4,281</font></div>
              </td>
              <td valign="bottom" width="2" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 1.7pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
            </tr>
            <tr style="page-break-inside: avoid;">
              <td colspan="3" valign="top" width="438" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 328.35pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt 0pt 0pt 20pt; TEXT-INDENT: -10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">2010</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="45" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 34pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">4,174</font></div>
              </td>
              <td valign="bottom" width="2" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 1.7pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
            </tr>
            <tr bgcolor="#cceeff" style="page-break-inside: avoid;">
              <td colspan="3" valign="top" width="438" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 328.35pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt 0pt 0pt 20pt; TEXT-INDENT: -10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">2011</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
              </td>
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                <div style="MARGIN: 0pt 0pt 0pt 20pt; TEXT-INDENT: -10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">2012
                  and
                  thereafter</font></div>
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                <div style="MARGIN: 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">43,964</font></div>
              </td>
              <td valign="bottom" width="2" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 1.7pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt">&#160;</div>
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                <div style="MARGIN: 0pt 0pt 0pt 10pt; TEXT-INDENT: -10pt">&#160;</div>
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 12pt; padding-top: 0pt;">
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                <div style="MARGIN: 0pt; TEXT-ALIGN: left" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">$</font></div>
              </td>
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              </td>
              <td valign="bottom" width="2" style="padding-right: 0.7pt; padding-left: 0pt; padding-bottom: 0pt; width: 1.7pt; padding-top: 0pt;">
                <div style="MARGIN: 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
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      <div style="MARGIN: 6pt 0pt 9.5pt; LINE-HEIGHT: normal">&#160;</div>
      <div style="FONT-WEIGHT: bold; MARGIN: 0pt 0pt 3.5pt 10pt; TEXT-INDENT: -10pt; FONT-STYLE: italic"><strong><i><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Employment
        Agreements</font></i></strong></div>
      <div style="MARGIN: 0pt 0pt 9.5pt; TEXT-INDENT: 20pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">On
        March&#160;19,
        2004, the Company entered into an employment agreement with Daniel S. Lynch
        in
        regards to his employment as Chief Executive Officer. In connection with
        Mr.&#160;Lynch&#8217;s resignation effective November&#160;10, 2005 by mutual
        agreement with the Company&#8217;s Board of Directors, such resignation was treated as
        a termination by the Company without cause under Mr.&#160;Lynch&#8217;s employment
        agreement. As a result, the Company has recorded severance benefit expense
        due
        Mr.&#160;Lynch of approximately $2.9 million in Marketing, general and
        administrative expenses in the fourth quarter of 2005. Payment of this severance
        was made in 2006.</font></div>
      <div style="FONT-WEIGHT: bold; MARGIN: 0pt 0pt 3.5pt 10pt; TEXT-INDENT: -10pt; FONT-STYLE: italic"><strong><i><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Supported
        Research</font></i></strong></div>
      <div style="MARGIN: 0pt 0pt 9.5pt; TEXT-INDENT: 20pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">The
        Company has
        entered into various research and license agreements with certain academic
        institutions and others to supplement the Company&#8217;s research activities and to
        obtain rights to certain technologies. The agreements generally require the
        Company to fund the research, to pay milestones upon the achievement of defined
        events, such as the submission or approval of regulatory filings and to pay
        royalties based upon percentages of revenues, if any, on sales of products
        developed from technology arising under these agreements.</font></div>
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      <div style="FONT-WEIGHT: bold; MARGIN: 0pt 0pt 24pt; LINE-HEIGHT: 16pt; TEXT-ALIGN: center"><strong><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">IMCLONE
        SYSTEMS
        INCORPORATED<br>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
        (Continued)</font></strong></div>
      <div style="FONT-WEIGHT: bold; MARGIN: 0pt 0pt 3.5pt 10pt; TEXT-INDENT: -10pt; FONT-STYLE: italic"><strong><i><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Contract
        Services</font></i></strong></div>
      <div style="MARGIN: 0pt 0pt 9.5pt; TEXT-INDENT: 20pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">On
        March&#160;17,
        2005, the Company entered into a five year multi-product supply agreement
        with
        Lonza Biologics PLC (&#8220;Lonza&#8221;) for the manufacture of biological material at the
        5,000 liter scale. The Company has discretion over which products to
        manufacture, which may include later-stage clinical production of the Company&#8217;s
        antibodies currently in Phase I clinical testing and those nearing Phase
        I
        testing. The value of producing all batches under the Agreement is $68.0
        million, unless terminated earlier. The Agreement provides that the Company
        can
        cancel any batches at any time; however, depending on how much notice the
        Company provides Lonza, the Company could incur a cancellation fee that varies
        based on timing of the cancellation. This cancellation fee is only applicable
        if
        Lonza does not resell the slots reserved for the cancelled batches.</font></div>
      <div style="FONT-WEIGHT: bold; MARGIN: 0pt 0pt 3.5pt 10pt; TEXT-INDENT: -10pt; FONT-STYLE: italic"><strong><i><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">License
        Agreements</font></i></strong></div>
      <div style="MARGIN: 0pt 0pt 9.5pt; TEXT-INDENT: 20pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">The
        Company has an
        exclusive license from the University of California to an issued United States
        patent for the murine form of ERBITUX, the Company&#8217;s EGFR antibody product. The
        Company has exclusively licensed from Rhone-Poulenc Rorer Pharmaceuticals,
        now
        known as Aventis, patent applications seeking to cover the therapeutic use
        of
        antibodies to the EGFR in conjunction with anti-neoplastic agents. The
        agreements with the University of California and Aventis require the Company
        to
        pay royalties on sales of ERBITUX that are covered by these licenses. The
        Company has license agreements with Genentech,&#160;Inc. (&#8220;Genentech&#8221;) for
        rights to patents covering certain use of epidermal growth factor receptor
        antibodies and with both Genentech and Centocor,&#160;Inc. (&#8220;Centocor&#8221;) for
        rights to patents covering various aspects of antibody technology. These
        agreements with both Genentech and Centocor require us to pay royalties on
        the
        sale of ERBITUX that are covered by these licenses. The Company is obligated
        to
        pay royalties of approximately 9.25% of North American net sales and a
        single-digit royalty on sales outside of North America, which will increase
        if
        sales outside of North America consist of ERBITUX produced in the United
        States.
        In 2006, the Company received reimbursements from its corporate partners
        of 4.5%
        on North American net sales and a single-digit percentage on net sales
&#160;outside of North America. Effective January&#160;1, 2007, the
        reimbursement from our corporate partners will decrease to 2.5% on North
        American net sales.</font></div>
      <div style="FONT-WEIGHT: bold; MARGIN: 0pt 0pt 3.5pt 10pt; TEXT-INDENT: -10pt"><strong><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">(16)
        Employee
        Benefit Plans</font></strong></div>
      <div style="FONT-WEIGHT: bold; MARGIN: 0pt 0pt 3.5pt 10pt; TEXT-INDENT: -10pt; FONT-STYLE: italic"><strong><i><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Defined
        Contribution Plan</font></i></strong></div>
      <div style="MARGIN: 0pt 0pt 9.5pt; TEXT-INDENT: 20pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">All
        employees of
        the Company who meet certain minimum age and period of service requirements
        are
        eligible to participate in a 401(k)&#160;defined contribution plan. The
        401(k)&#160;plan allows eligible employees to defer up to 25&#160;percent of
        their annual compensation, subject to certain limitations imposed by federal
        law. The amounts contributed by employees are immediately vested and
        non-forfeitable. Under the 401(k)&#160;plan, the Company, at management&#8217;s
        discretion, may match employee contributions and/or make discretionary
        contributions. Neither the employee contributions nor voluntary matching
        contributions are invested in the Company&#8217;s securities. Total expense incurred
        by the Company was approximately $2.2 million, $1.9 million and $580,000
        for the
        years ended December&#160;31, 2006, 2005 and 2004, respectively.</font></div>
      <div style="FONT-WEIGHT: bold; MARGIN: 0pt 0pt 3.5pt 10pt; TEXT-INDENT: -10pt; FONT-STYLE: italic"><strong><i><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Change
        in Control
        Plan</font></i></strong></div>
      <div style="MARGIN: 0pt 0pt 3.5pt; TEXT-INDENT: 20pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">During
        2004, the
        Board of Directors of the Company adopted a Change in Control Plan to maintain
        the focus of certain key employees of the Company on the business, mitigate
        the
        distractions that could be caused if the Company were to become the target
        of an
        acquisition strategy, and provide certain benefits to the covered employees
        if a
        change in control of the Company (as such term is defined in the plan) occurs
        </font></div>
      <div style="MARGIN: 0pt 0pt 3.5pt; TEXT-INDENT: 0pt">&#160;</div>
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          <div style="WIDTH: 100%; TEXT-ALIGN: center">
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          </div>
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        <div id="HDR">
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          </div>
        </div>
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      <div style="FONT-WEIGHT: bold; MARGIN: 0pt 0pt 24pt; LINE-HEIGHT: 16pt; TEXT-ALIGN: center"><strong><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">IMCLONE
        SYSTEMS
        INCORPORATED<br>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
        (Continued)</font></strong></div>
      <div style="MARGIN: 0pt 0pt 3.5pt; TEXT-INDENT: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">and/or
        the
        employee&#8217;s employment is terminated in connection with such change in control.
        Participants in the Change in Control Plan are determined by the Compensation
        Committee.</font></div>
      <div style="MARGIN: 0pt 0pt 3.5pt; TEXT-INDENT: 20pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">In
        the event of a
        change in control, all equity-based compensation awards held by the plan
        participants will vest in full (unless the Compensation Committee determines
        that the participants&#8217; awards will be substituted for equity awards in the
        surviving entity of equivalent economic value) and any deferred compensation
        of
        participants will become nonforfeitable. In addition, if a participant in
        the
        Change in Control Plan is terminated in connection with a change in control
        by
        the Company without cause or by the participant for good reason (as such
        terms
        are defined in the plan), the Company will pay to the participant a cash
        payment
        equal to the participant&#8217;s earned but unpaid base salary and bonus, unreimbursed
        expenses, any other accrued obligations, a pro rata bonus based on target
        bonus
        for the year of termination, and a multiple of base salary and bonus (with
        the
        multiplier ranging from 0.5 to three based on the tier assigned to the
        participant under the plan).</font></div>
      <div style="MARGIN: 0pt 0pt 3.5pt; TEXT-INDENT: 20pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">In
        connection with
        a termination described in the preceding sentence, if the participant signs
        a
        waiver and release of claims against the Company, each participant will vest
        in
        full in all long-term incentive arrangements he or she has with the Company
        and
        be entitled to continued health coverage for six to 18&#160;months (based on the
        participant&#8217;s plan tier) and outplacement services for six months. These
        benefits are reduced by any other severance amounts for which the participants
        are eligible under any other arrangement of the Company or its subsidiary.
        As a
        condition to receipt of these benefits, each participant agrees to be bound
        by
        noncompetition, nonsolicitation, confidentiality, return of Company property,
        and cooperation covenants contained in the plan. If a plan participant becomes
        subject to the change-in-control golden parachute excise tax under
        Section&#160;4999 of the Internal Revenue Code and the aggregate parachute
        payment exceeds the safe harbor amount by ten percent or more, the plan provides
        that the Company shall pay to the participant a tax gross-up payment such
        that
        after payment by the participant of all federal, state and local excise,
        income,
        employment, Medicare and other taxes resulting from the payment of the parachute
        payments and the tax gross-up payments, the participant retains an after-tax
        amount equal to the amount that he or she would have retained in the absence
        of
        the parachute excise tax.</font></div>
      <div style="FONT-WEIGHT: bold; MARGIN: 0pt 0pt 3.5pt 10pt; TEXT-INDENT: -10pt; FONT-STYLE: italic"><strong><i><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Severance
        Plans</font></i></strong></div>
      <div style="MARGIN: 0pt 0pt 3.5pt; TEXT-INDENT: 20pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">The
        Compensation
        Committee of the Board of Directors approved on February&#160;10, 2005, a Senior
        Executive Severance Plan (the &#8220;Plan&#8221;) to enhance the predictability of treatment
        for executives at the level of Vice President, Senior Vice President and
        Executive Vice President whose employment with the Company is terminated
        by the
        Company without cause (as such concept is explained in the Plan).</font></div>
      <div style="MARGIN: 0pt 0pt 3.5pt; TEXT-INDENT: 20pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">As
        a condition to
        receipt of benefits under the Plan, a participating employee must sign an
        agreement and general release in a form acceptable to the Plan administrator
        under which the participant agrees to certain confidentiality and
        non-solicitation provisions for a period of one year following his or her
        employment termination date, agrees to certain non-competition provisions
        for
        the duration of the employee&#8217;s receipt of severance pay, and releases and
        discharges the Company and related entities (as well as any third party for
        whom
        the employee provides services on the Company&#8217;s behalf) from any and all claims
        and liabilities relating to the employee&#8217;s employment with the Company or the
        termination of the employee&#8217;s employment. Receipt of benefits under the Plan is
        also contingent upon the employee&#8217;s continued employment through the employment
        termination date designated by the Company. The severance amounts payable
        to an
        employee under the Plan will be reduced, dollar-for-dollar, by the amount
        of any
        other termination payments paid or payable to the employee under any other
        plan,
        program or law (excluding any right to exercise stock options, any unemployment
        benefits payable in accordance with state law and payment for accrued but
        unused
        vacation).</font></div>
      <div style="MARGIN: 0pt 0pt 3.5pt; TEXT-INDENT: 0pt">&#160;</div>
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      <div style="FONT-WEIGHT: bold; MARGIN: 0in 0in 24pt; LINE-HEIGHT: 16pt; TEXT-ALIGN: center"><strong><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">IMCLONE
        SYSTEMS
        INCORPORATED<br>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
        (Continued)</font></strong></div>
      <div style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 20pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">The
        Senior Vice
        Presidents and Executive Vice Presidents who participate in the Plan and
        sign
        the above-described agreement and release upon their termination without
        cause
        are entitled to receive an amount equal to one year&#8217;s base salary as severance
        and, if the employee would otherwise be eligible to elect employee-paid
        continued coverage under COBRA, Company-provided health insurance coverage
        for
        one year following a termination without Cause, subject to cessation upon
        the
        employee&#8217;s becoming eligible for similar coverage offered by another employer.
        Senior Vice Presidents and Executive Vice&#160;Presidents would also be entitled
        continue their non-voluntary life insurance coverage provided by the Company
        with the premiums paid by the Company for 12 months after a termination without
        cause, subject to cessation when the employee becomes eligible for coverage
        under a life insurance plan or policy of another employer. Vice Presidents
        who
        meet the above criteria are entitled to the greater of six months base salary
        or
        two weeks base salary for each year of service with the Company, as well
        as six
        months Company-paid health and life insurance coverage, subject to the
        conditions described above.</font></div>
      <div style="MARGIN: 0in 0in 12pt; TEXT-INDENT: 20pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">On
        February&#160;16, 2006, the Compensation Committee of the Board of Directors
        adopted a transition severance plan for certain employees of the Company
        whereby
        each such employee is eligible to receive a severance payment from the Company
        (varying between six and twelve months of the employee&#8217;s base salary) upon any
        involuntary termination of his or her employment by the Company without cause
        and, following any change in control of the Company, upon his or her voluntary
        termination of employment for good reason. The severance plan&#8217;s duration is 18
        months.</font></div>
      <div style="FONT-WEIGHT: bold; MARGIN: 0in 0in 6pt 10pt; TEXT-INDENT: -10pt; FONT-STYLE: italic"><strong><i><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Annual
        Incentive
        Plan</font></i></strong></div>
      <div style="MARGIN: 0in 0in 12pt; TEXT-INDENT: 20pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">In
        September&#160;2003, the shareholders approved and the Company adopted the
        Annual Incentive Plan. The plan permits the Compensation Committee to grant
        performance awards based upon pre-established performance goals to executives
        of
        the Company and its subsidiaries selected by the Compensation Committee,
        whether
        or not such executives, at the time of grant, are subject to the limit on
        deductible compensation under Section&#160;162(m)&#160;of the Internal Revenue
        Code. The Annual Incentive Plan became effective as of January&#160;1,
        2003.</font></div>
      <div style="FONT-WEIGHT: bold; MARGIN: 0in 0in 6pt 10pt; TEXT-INDENT: -10pt"><strong><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">(17)
        Supplemental
        Cash Flow Information and Non-cash Investing and Financing
        Activities:</font></strong></div>
      <div style="FONT-WEIGHT: bold; MARGIN: 0in 0in 12pt; TEXT-INDENT: 20pt"><strong><font style="FONT-WEIGHT: normal; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">(in
        thousands)</font></strong></div>
      <div style="FONT-FAMILY: Times New Roman" align="center">
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                <div style="FONT-WEIGHT: bold; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
              </td>
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                <div style="FONT-WEIGHT: bold; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center"><strong><font style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman" size="1">Year&#160;Ended&#160;December&#160;31,</font></strong></div>
              </td>
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                <div style="FONT-WEIGHT: bold; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
              </td>
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                <div style="FONT-WEIGHT: bold; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
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              <td colspan="2" valign="bottom" width="39" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0in; padding-bottom: 0in; border-left: medium none; width: 29pt; padding-top: 0in; border-bottom: windowtext 1pt solid;">
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
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              <td colspan="2" valign="bottom" width="44" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0in; padding-bottom: 0in; border-left: medium none; width: 32.85pt; padding-top: 0in; border-bottom: windowtext 1pt solid;">
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
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              <td colspan="2" valign="bottom" width="52" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0in; padding-bottom: 0in; border-left: medium none; width: 39pt; padding-top: 0in; border-bottom: windowtext 1pt solid;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center"><strong><font style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman" size="1">2004</font></strong></div>
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              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 4.65pt; padding-top: 0in;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
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            </tr>
            <tr bgcolor="#cceeff" style="page-break-inside: avoid;">
              <td valign="top" width="419" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 314.4pt; padding-top: 0in;">
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="39" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 29pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="44" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 32.85pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="52" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 39pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 4.65pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt">&#160;</div>
              </td>
            </tr>
            <tr style="page-break-inside: avoid;">
              <td valign="top" width="419" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 314.4pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt 10pt; TEXT-INDENT: -10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Interest,
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="7" style="padding-right: 0in; padding-left: 0in; padding-bottom: 0in; width: 5pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: left" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">$</font></div>
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              <td valign="bottom" width="32" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 24pt; padding-top: 0in;">
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="7" style="padding-right: 0in; padding-left: 0in; padding-bottom: 0in; width: 5pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: left" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">$</font></div>
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              <td valign="bottom" width="37" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 27.85pt; padding-top: 0in;">
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="7" style="padding-right: 0in; padding-left: 0in; padding-bottom: 0in; width: 5pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: left" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">$</font></div>
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              <td valign="bottom" width="45" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 34pt; padding-top: 0in;">
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              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 4.65pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
            </tr>
            <tr bgcolor="#cceeff" style="page-break-inside: avoid;">
              <td valign="top" width="419" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 314.4pt; padding-top: 0in;">
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="39" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 29pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">5,358</font></div>
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="44" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 32.85pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">1,400</font></div>
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="52" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 39pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">6,167</font></div>
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              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 4.65pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt">&#160;</div>
              </td>
            </tr>
            <tr style="page-break-inside: avoid;">
              <td valign="top" width="419" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 314.4pt; padding-top: 0in;">
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                  investing and financing activities:</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="39" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 29pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="44" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 32.85pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="52" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 39pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 4.65pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt">&#160;</div>
              </td>
            </tr>
            <tr bgcolor="#cceeff" style="page-break-inside: avoid;">
              <td valign="top" width="419" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 314.4pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt 10pt; TEXT-INDENT: -10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Change
                  in net
                  unrealized gain (loss) in securities available-for-sale</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="39" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 29pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">4,078</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="44" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 32.85pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">(8,345</font></div>
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">)</font></div>
              </td>
              <td colspan="2" valign="bottom" width="52" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 39pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">(987</font></div>
              </td>
              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 4.65pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">)</font></div>
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            <tr style="page-break-inside: avoid;">
              <td valign="top" width="419" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 314.4pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt 10pt; TEXT-INDENT: -10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Options
                  exercised and exchanged for mature shares of common stock</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="39" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 29pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">&#8212;</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="44" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 32.85pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">&#8212;</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="52" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 39pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">200</font></div>
              </td>
              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 4.65pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt">&#160;</div>
              </td>
            </tr>
            <tr bgcolor="#cceeff" style="page-break-inside: avoid;">
              <td valign="top" width="419" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 314.4pt; padding-top: 0in;">
                <div style="FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt 10pt; TEXT-INDENT: -10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Common
                  stock
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                  subordinated convertible
                  notes</div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="39" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 29pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">&#8212;</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="44" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 32.85pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">&#8212;</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="52" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 39pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">239,997</font></div>
              </td>
              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 4.65pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt">&#160;</div>
              </td>
            </tr>
            <tr style="page-break-inside: avoid;">
              <td valign="top" width="419" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 314.4pt; padding-top: 0in;">
                <div style="FONT-SIZE: 10pt; MARGIN: 0in 0in 0pt 10pt; TEXT-INDENT: -10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Reclassification
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                  5<font style="POSITION: relative; TOP: -3pt">1</font></font><font style="FONT-FAMILY: Symbol">&#164;</font>2%
                  subordinated convertible notes to
                  stockholders&#8217; equity</div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="39" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 29pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">&#8212;</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="44" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 32.85pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">&#8212;</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt">&#160;</div>
              </td>
              <td colspan="2" valign="bottom" width="52" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 39pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">1,193</font></div>
              </td>
              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 4.65pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt">&#160;</div>
              </td>
            </tr>
            <tr>
              <td width="419" style="border-right: medium none; border-top: medium none; border-left: medium none; border-bottom: medium none;">
              </td>
              <td width="16" style="border-right: medium none; border-top: medium none; border-left: medium none; border-bottom: medium none;">
              </td>
              <td width="7" style="border-right: medium none; border-top: medium none; border-left: medium none; border-bottom: medium none;">
              </td>
              <td width="32" style="border-right: medium none; border-top: medium none; border-left: medium none; border-bottom: medium none;">
              </td>
              <td width="16" style="border-right: medium none; border-top: medium none; border-left: medium none; border-bottom: medium none;">
              </td>
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      <div style="FONT-WEIGHT: bold; MARGIN: 0in 0in 24pt; LINE-HEIGHT: 16pt; TEXT-ALIGN: center"><strong><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">IMCLONE
        SYSTEMS
        INCORPORATED<br>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
        (Continued)</font></strong></div>
      <div style="FONT-WEIGHT: bold; MARGIN: 0in 0in 6pt 10pt; TEXT-INDENT: -10pt"><strong><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">(18)
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        accounts payable, and other current liabilities at December&#160;31, 2006 and
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        convertible senior notes of $600.0
        million was approximately $545.6 million and $502.5 million at December&#160;31,
        2006 and 2005, respectively, based on their quoted market price. See Note
        3 for
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        Quarterly
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</strike></font></div>
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                <div style="FONT-WEIGHT: bold; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
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                <div style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="7" style="padding-right: 0in; padding-left: 0in; padding-bottom: 0in; width: 5pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: left" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">$</font></div>
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                <div style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">149,856</font></div>
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="8" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 5.7pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right">&#160;</div>
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              <td valign="bottom" width="7" style="padding-right: 0in; padding-left: 0in; padding-bottom: 0in; width: 5pt; padding-top: 0in;">
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                <div style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">150,697</font></div>
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                <div style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt">&#160;</div>
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              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 4.5pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="7" style="padding-right: 0in; padding-left: 0in; padding-bottom: 0in; width: 5pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: left" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">$</font></div>
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                <div style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">132,163</font></div>
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              </td>
              <td valign="bottom" width="2" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 1.7pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt">&#160;</div>
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              <td valign="top" width="305" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 229pt; padding-top: 0in;">
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="7" style="padding-right: 0in; padding-left: 0in; padding-bottom: 0in; width: 5pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: left" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">$</font></div>
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                <div style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">229,591</font></div>
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="7" style="padding-right: 0in; padding-left: 0in; padding-bottom: 0in; width: 5pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: left" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">$</font></div>
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              <td valign="bottom" width="45" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 34pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">37,209</font></div>
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="8" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 5.7pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="7" style="padding-right: 0in; padding-left: 0in; padding-bottom: 0in; width: 5pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: left" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">$</font></div>
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              <td valign="bottom" width="45" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 34pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">57,316</font></div>
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                <div style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 4.5pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="7" style="padding-right: 0in; padding-left: 0in; padding-bottom: 0in; width: 5pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: left" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">$</font></div>
              </td>
              <td valign="bottom" width="45" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 34pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">46,558</font></div>
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              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 4.5pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="2" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 1.7pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt">&#160;</div>
              </td>
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              <td valign="top" width="305" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 229pt; padding-top: 0in;">
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                <div style="MARGIN: 0in 0in 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="7" style="padding-right: 0in; padding-left: 0in; padding-bottom: 0in; width: 5pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: left" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">$</font></div>
              </td>
              <td valign="bottom" width="45" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 34pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">2.75</font></div>
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="7" style="padding-right: 0in; padding-left: 0in; padding-bottom: 0in; width: 5pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: left" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">$</font></div>
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              <td valign="bottom" width="45" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 34pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">0.44</font></div>
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="8" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 5.7pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="7" style="padding-right: 0in; padding-left: 0in; padding-bottom: 0in; width: 5pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: left" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">$</font></div>
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              <td valign="bottom" width="45" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 34pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">0.68</font></div>
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              <td valign="bottom" width="8" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 5.7pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt">&#160;</div>
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              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 4.5pt; padding-top: 0in;">
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              <td valign="bottom" width="7" style="padding-right: 0in; padding-left: 0in; padding-bottom: 0in; width: 5pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: left" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">$</font></div>
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                <div style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">0.55</font></div>
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                <div style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right">&#160;</div>
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              <td valign="bottom" width="2" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 1.7pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt">&#160;</div>
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              <td valign="top" width="305" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 229pt; padding-top: 0in;">
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                <div style="MARGIN: 0in 0in 0pt">&#160;</div>
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              <td valign="bottom" width="7" style="padding-right: 0in; padding-left: 0in; padding-bottom: 0in; width: 5pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: left" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">$</font></div>
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              <td valign="bottom" width="7" style="padding-right: 0in; padding-left: 0in; padding-bottom: 0in; width: 5pt; padding-top: 0in;">
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                <div style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">0.42</font></div>
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                <div style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right">&#160;</div>
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              <td valign="bottom" width="8" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 5.7pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right">&#160;</div>
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              <td valign="bottom" width="7" style="padding-right: 0in; padding-left: 0in; padding-bottom: 0in; width: 5pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: left" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">$</font></div>
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              <td valign="bottom" width="45" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 34pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">0.65</font></div>
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              <td valign="bottom" width="8" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 5.7pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt">&#160;</div>
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              <td valign="bottom" width="6" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 4.5pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right">&#160;</div>
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              <td valign="bottom" width="7" style="padding-right: 0in; padding-left: 0in; padding-bottom: 0in; width: 5pt; padding-top: 0in;">
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                <div style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="2" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 1.7pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt">&#160;</div>
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      <div style="MARGIN: 0in 0in 12pt; LINE-HEIGHT: 1pt">&#160;</div>
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            <tr style="page-break-inside: avoid;">
              <td valign="bottom" width="308" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 231.3pt; padding-top: 0in;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
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                <div style="FONT-WEIGHT: bold; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
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            <tr style="page-break-inside: avoid;">
              <td valign="bottom" width="308" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 231.3pt; padding-top: 0in;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
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                <div style="FONT-WEIGHT: bold; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
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              <td colspan="2" valign="bottom" width="45" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0in; padding-bottom: 0in; border-left: medium none; width: 34pt; padding-top: 0in; border-bottom: windowtext 1pt solid;">
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
              </td>
              <td colspan="4" valign="bottom" width="67" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0in; padding-bottom: 0in; border-left: medium none; width: 0.7in; padding-top: 0in; border-bottom: windowtext 1pt solid;">
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
              </td>
              <td colspan="4" valign="bottom" width="64" style="border-right: medium none; padding-right: 0.7pt; border-top: medium none; padding-left: 0in; padding-bottom: 0in; border-left: medium none; width: 48pt; padding-top: 0in; border-bottom: windowtext 1pt solid;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center"><strong><font style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman" size="1">December&#160;31,<br>2005</font></strong></div>
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              <td valign="bottom" width="2" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 1.7pt; padding-top: 0in;">
                <div style="FONT-WEIGHT: bold; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 8pt; TEXT-ALIGN: center">&#160;</div>
              </td>
            </tr>
            <tr bgcolor="#cceeff" style="page-break-inside: avoid;">
              <td valign="top" width="308" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 231.3pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt 10pt; TEXT-INDENT: -10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Revenues</font></div>
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="5" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 3.55pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="7" style="padding-right: 0in; padding-left: 0in; padding-bottom: 0in; width: 5pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: left" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">$</font></div>
              </td>
              <td valign="bottom" width="39" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 29pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">85,771</font></div>
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              <td valign="bottom" width="5" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 0.05in; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="7" style="padding-right: 0in; padding-left: 0in; padding-bottom: 0in; width: 5pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: left" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">$</font></div>
              </td>
              <td valign="bottom" width="39" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 29pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">92,385</font></div>
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="8" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 5.7pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="7" style="padding-right: 0in; padding-left: 0in; padding-bottom: 0in; width: 5pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: left" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">$</font></div>
              </td>
              <td valign="bottom" width="45" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 34pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">106,525</font></div>
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              <td valign="bottom" width="8" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 5.7pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="9" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 7pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="7" style="padding-right: 0in; padding-left: 0in; padding-bottom: 0in; width: 5pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: left" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">$</font></div>
              </td>
              <td valign="bottom" width="39" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 29pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">98,992</font></div>
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              <td valign="bottom" width="9" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 7pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="2" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 1.7pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt">&#160;</div>
              </td>
            </tr>
            <tr style="page-break-inside: avoid;">
              <td valign="top" width="308" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 231.3pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt 10pt; TEXT-INDENT: -10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Net
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="5" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 3.55pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="7" style="padding-right: 0in; padding-left: 0in; padding-bottom: 0in; width: 5pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: left" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">$</font></div>
              </td>
              <td valign="bottom" width="39" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 29pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">28,820</font></div>
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              <td valign="bottom" width="5" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 0.05in; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="7" style="padding-right: 0in; padding-left: 0in; padding-bottom: 0in; width: 5pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: left" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">$</font></div>
              </td>
              <td valign="bottom" width="39" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 29pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">26,031</font></div>
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="8" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 5.7pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="7" style="padding-right: 0in; padding-left: 0in; padding-bottom: 0in; width: 5pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: left" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">$</font></div>
              </td>
              <td valign="bottom" width="45" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 34pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">30,951</font></div>
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              <td valign="bottom" width="8" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 5.7pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="9" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 7pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="7" style="padding-right: 0in; padding-left: 0in; padding-bottom: 0in; width: 5pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: left" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">$</font></div>
              </td>
              <td valign="bottom" width="39" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 29pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">694</font></div>
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              <td valign="bottom" width="9" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 7pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="2" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 1.7pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt">&#160;</div>
              </td>
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                <div style="MARGIN: 0in 0in 0pt 10pt; TEXT-INDENT: -10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Basic
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              <td valign="bottom" width="39" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 29pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">0.35</font></div>
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt">&#160;</div>
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              <td valign="bottom" width="7" style="padding-right: 0in; padding-left: 0in; padding-bottom: 0in; width: 5pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: left" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">$</font></div>
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              <td valign="bottom" width="39" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 29pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">0.31</font></div>
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                <div style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right">&#160;</div>
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              <td valign="bottom" width="8" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 5.7pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="7" style="padding-right: 0in; padding-left: 0in; padding-bottom: 0in; width: 5pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: left" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">$</font></div>
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              <td valign="bottom" width="45" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 34pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">0.37</font></div>
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              <td valign="bottom" width="8" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 5.7pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="9" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 7pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="7" style="padding-right: 0in; padding-left: 0in; padding-bottom: 0in; width: 5pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: left" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">$</font></div>
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              <td valign="bottom" width="39" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 29pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">0.01</font></div>
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              <td valign="bottom" width="9" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 7pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="2" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 1.7pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt">&#160;</div>
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                <div style="MARGIN: 0in 0in 0pt 10pt; TEXT-INDENT: -10pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">Diluted
                  net
                  income per share allocable to common stockholders</font></div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="5" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 3.55pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="7" style="padding-right: 0in; padding-left: 0in; padding-bottom: 0in; width: 5pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: left" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">$</font></div>
              </td>
              <td valign="bottom" width="39" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 29pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">0.33</font></div>
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                <div style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="7" style="padding-right: 0in; padding-left: 0in; padding-bottom: 0in; width: 5pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: left" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">$</font></div>
              </td>
              <td valign="bottom" width="39" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 29pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">0.30</font></div>
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              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="8" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 5.7pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="7" style="padding-right: 0in; padding-left: 0in; padding-bottom: 0in; width: 5pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: left" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">$</font></div>
              </td>
              <td valign="bottom" width="45" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 34pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">0.35</font></div>
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              <td valign="bottom" width="8" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 5.7pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="16" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 12pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt">&#160;</div>
              </td>
              <td valign="bottom" width="9" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 7pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="7" style="padding-right: 0in; padding-left: 0in; padding-bottom: 0in; width: 5pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: left" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">$</font></div>
              </td>
              <td valign="bottom" width="39" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 29pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" size="2">0.01</font></div>
              </td>
              <td valign="bottom" width="9" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 7pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt; TEXT-ALIGN: right">&#160;</div>
              </td>
              <td valign="bottom" width="2" style="padding-right: 0.7pt; padding-left: 0in; padding-bottom: 0in; width: 1.7pt; padding-top: 0in;">
                <div style="MARGIN: 0in 0in 0pt">&#160;</div>
              </td>
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